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Prepare the adjusting entry

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Question - The following information is available for Sheffield plc at December 31, 2022, regarding its investments.

Securities Cost Fair Value

3,600 ordinary shares of Petty Company £38,100 £47,600

800 preference shares of Dowe Inc. 25,100 21,900

£63,200 £69,500

Required -

(a) Prepare the adjusting entry (if any) for 2022, assuming the investments are classified as trading.

(b) Prepare the adjusting entry (if any) for 2022, assuming the investments are classified as non-trading.

Reference no: EM132848742

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