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Prepare the entries of abc ltd on basis of settlement date

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Reference no: EM133091941

Question - 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 or loss. ABC Ltd makes the following trades in ANZ Ltd.

Trade date

Quantity

Price

Buy/Sell

Brokerage

19 May 2021

2,000

27.31

buy

100

21 June 2021

3,000

28.08

buy

150

30 June 2021

1,000

28.24

sell

40

Settlement date is T+2 meaning that settlement of trades occurs two business days after trade date. The closing market price for shares in ANZ at 30 June 2021 is $28.03.

Required - Prepare the entries of ABC Ltd on the basis of settlement date accounting.

Reference no: EM133091941

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