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Prepare entries of abc ltd on the basis of settlement date

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Reference no: EM132750759

ABC Ltd is an investment company that trades in shares on the Australian Securities Exchange. ABC Ltd measures the shares at fair value through the profit and loss. ABC Ltd makes the following trades in Carmen Ltd.


Trade date               Quantity Price                     Buy/Sell Brokeage
1/3/2019                  10,000                         $3.00 Buy $500
5/4/2019              20,000                            $3.20 Buy $800
5/5/2019                5,000                          $3.50 Sell $400
27/6/2019               10,000                       $4.00 Sell $400

Settlement date T+3 meaning that settlement of trades occurs three business days after trade date. The closing market price for shares in Carmen Ltd at 30 June 2019 is $3.80.

Required

Problem 1: Prepare the entries of ABC Ltd on the basis of settlement date accounting.

Reference no: EM132750759

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