Page 284 - Corporate Finance PDF Final new link

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284 Corporate Finance BRILLIANT’S

1.12.17 To Bank A/c (WN 5) - 9,540 -
(WN 4) 36,000 360 35,280 31.3.18 By Bal. c/d 3,18,000 - 3,00,720
31.3.18 To State-
ment P&L - 16,740 -
4,12,000 18,900 3,86,220 4,12,000 18,900 3,86,220

Working Notes:
1. Profit on sale of Stock (ex-interest) on 1.6.2017 `
Sales proceeds (900 × ` 95) 85,500
 ` 2,82,000 
Less: Average Cost   90,000  84,600
 3,00,000 

Profit on Sale 900
Accrued Interest receivable in addition

 6 2 
 ` 90,000   = ` 900
 100 12 
2. Purchase of Stock (cum-interest) on 1.9.2017
Nominal value 72,000
Total amount paid (720 × ` 97) 69,840

 6 5 
Less: Accrued interest for 5 months  ` 72,000   1,800
 100 12 
Cost 68,040
3. Interest for 6 months ending on 30.9.2017
Interest will be received for 6 months on entire stock holding on that date
 6 6 
 ` 2,82,000   8,460
 100 12 
4. Purchase of Stock (ex-interest) on 1.12.2017
Nominal Value 36,000
Cost (360 × ` 98) 35,280
Accrued interest payable in additional for 2 months:

 6 2 
 ` 36,000   360
 100 12 
5. Interest for 6 months ending on 31.3.2018
Interest will be received for 6 months on entire stock holding on that date
 6 6 
 ` 3,18,000   9,540
 100 12 