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PAPER 1 ACCOUNTINGCHAPTER 12INVESTMENT ACCOUNTS

PROF – RAHUL J. MALKAN

INTRODUCTION

Investments are assets held by an enterprise1. For earning income by the way of dividend,interest and rentals2. For capital appreciation, or3. For other benefits to the investing enterprise.

Investment Accounting is done as per AS – 13

Classification of Investments

Long Term Investment

As per AS – 13 investment are classified into two categories

Current Investments

A current Investments is an investment that areintended to be held for not more than one yearfrom the date of investment

Current Investments

The carrying amount should be lower of cost andfair value

Market Value is the amount obtainable from sale ofInvestments in an open market, net of expenses

Under appropriate circumstances, market value orreliable value provides an evidence of fair value

Fair Value is the amount for which an asset could beexchanged between knowledgeable buyer andSeller

Long Term Investments

Investment other than current investments are longterm investments

Long Term Investment

They are usually carried at cost

If there is permanent decline in value of investment,the carrying amount is reduced to recognise thedecline

The Decline is charged to Profit and Loss A/c

The reduction in carrying amount is reversed whenthere is a rise in the value of the investment.

Investment Accounting

Fixed Income Bearing Scrips

Variable Income Bearing Scrips

A Separate Investment Account should be made foreach scrip purchased. The scrips purchased may bebroadly divided into two categories.

Fixed Interest Bearing Securities

Interest in government securities or debenturescomes under this category

Dr Investment Account Cr

Date Particulars W.N Face Interest Cost Date Particulars W.N Face Interest Cost

Value Value

Total Total

Cost of investment includes acquisition charges such as brokerage, fees and duties.

Fixed Interest Bearing Securities

Purchase

• Ex – Interest • Cum – Interest

Sale

• Ex – Interest • Cum – Interest

Purchase Ex Interest

Ex – Interest price is the quotation which does notinclude the interest. Interest have to be paidseparately.

Journal Entry

Investment A/c . . . Dr (Ex – Interest)Interest A/c . . . . . Dr (Interest)

To Bank A/c (Cum – Interest)

Note : If brokerage is paid it should be Added

Example

1.7.2012 100, 8% debentures purchased ex-interestat ₹ 98. Brokerage at 1% is to be paid. Dates ofinterest payment is 31st March and 30th Oct.

Investment A/c . . . Dr 9898 (Ex – Interest) Interest A/c . . . . . Dr 200 (Interest)

To Bank A/c 10,098 (Cum – Interest)

Ex – Interest price = 100 X 98 = 9800 + 1% = 9898

Interest = 100 x 100 x 8% x 3/12 = 200

Purchase Ex Interest

Purchase Cum Interest

Cum – Interest price is the quotation which includesthe interest. Interest is to be subtracted to get to theex – interest price.

Journal Entry

Investment A/c . . . Dr (Ex – Interest) Interest A/c . . . . . Dr (Interest)

To Bank A/c (Cum – Interest)

Note : If brokerage is paid it should be Added

Purchase Cum Interest

1.1.2012 50, 8% debentures purchased cum-interestat ₹ 98. Brokerage at 1% is to be paid. Dates ofinterest payment is 31st March and 30th Sept.

Investment A/c . . . Dr 4849 (Ex – Interest) Interest A/c . . . . . Dr 100 (Interest)

To Bank A/c 4949 (Cum – Interest)

Cum – Interest price = 50 X 98 = 4900 + 1% = 4949

Interest = 50 x 100 x 8% x 3/12 = 100

Example

Ex – Interest price = 4949 – 100 = 4849

Sale Ex Interest

Ex – Interest price is the quotation which does notinclude the interest. Interest will be receivedseparately.

Journal Entry

Bank A/c . . . . . . . Dr (Cum – interest)To Interest A/c (Interest)To Investment A/c (Ex – Interest)

Note : If brokerage is paid it should be subtracted

Example

1.7.2012 200, 8% debentures sold ex-interest at ₹98. Brokerage at 1% is to be paid. Dates of interestpayment is 31st March and 30th Oct.

Bank A/c . . . . . . . . . . Dr 19,804 (Cum – Interest) To Interest A/c 400 (Interest) To Investment A/c 19,404 (Ex – Interest)

Ex – Interest price = 200 X 98=19600 - 1% = 19404

Interest = 200 x 100 x 8% x 3/12 = 400

Sale Ex Interest

Sale Cum Interest

Cum – Interest price is the quotation which includesthe interest. Interest will be subtracted to get the ex– interest price.

Journal Entry

Bank A/c . . . . . . . Dr (Cum – interest)To Interest A/c (Interest)To Investment A/c (Ex – Interest)

Note : If brokerage is paid it should be subtracted

Sale Cum Interest

1.1.2012 50, 8% debentures Sold cum-interest at ₹98. Brokerage at 1% is to be paid. Dates of interestpayment is 31st March and 30th Sept.

Cum – Interest price = 50 X 98 = 4900 - 1% = 4851

Interest = 50 x 100 x 8% x 3/12 = 100

Example


Bank A/c . . . . . . . . . . Dr 4,851 (Cum – Interest) To Interest A/c 100 (Interest) To Investment A/c 4,751 (Ex – Interest)

Profit or loss on sale

When investments are sold, we need to calculate profitor loss on sale. Profit or loss is calculated by comparingthe ex-interest investment sale price to the cost ofinvestment held.

Journal Entry Loss on sale

Loss of Sale of Investment A/c . . . . . Dr To Investment A/c

Profit on sale

Investment A/c . . . . . Dr To Profit on Sale A/c

Profit or loss on sale Example

Opening Balance – Face Value ₹1,20,000 Cost ₹ 1,18,000Purchase – Face Value ₹ 10,000 Cost ₹ 9898Sale – Face Value ₹ 20,000 Cost ₹ 19,800 (S.P)

Solution FIFO

Face Value Cost Opening Balance 1,20,000 1,18,000 Sold 20,000Selling PriceProfit on Sale

20,000 x 1,18,000 / 1,20,00019,667

19,800133

Profit or loss on sale Example

Opening Balance – Face Value ₹1,20,000 Cost ₹ 1,18,000Purchase – Face Value ₹ 10,000 Cost ₹ 9898Sale – Face Value ₹ 20,000 Cost ₹ 19,800 (S.P)

Face Value Cost Opening Balance 1,20,000 1,18,000 Purchase 10,000 9,898

1,30,000 1,27,898Sold 20,000Selling PriceProfit on Sale

Solution Weighted Average

20,000 x 1,27,898 / 1,30,00019,677

19,800123

Closing Balance of Investment Account

Investment should be valued at lower of cost or netrealisable value whichever is lower.

Practice Problem – Practice manual Q - 4

Mr. Purohit furnishes the following details relating to his holding in 8%debentures (₹100 each) of P Ltd., held as current assets.

1.4.2009 Opening Balance – Face Value ₹ 1,20,000 Cost ₹ 1,18,0001.7.2009 100 Debentures purchased ex – interest at ₹ 98.1.10.2009 Sold 200 Debentures ex – interest at ₹ 1001.1.2010 Purchased 50 debentures at ₹ 98 cum – interest1.2.2010 Sold 200 Debentures ex – interest at ₹99

Due Dates of interest are 30th September and 31st March

Mr. Purohit closes his books on 31.3.2010. Brokerage at 1% is to bepaid for each transaction. Show investment Account as it would appearin his books. Assume FIFO method. Market Value of 8% debentures of PLimited on 31.3.2010 is ₹99.

2

1

4

3 7

65

Time Line

31/3 1/4 1/7 30/9 1/10 1/1 1/2 31/3Interest Op. Bal Purchase Interest Sold Purchase Sale Interest

Closing

Practice Problem – Solution

Mr. PurohitDr 8% Debentures of P. Limited CrDate Particulars W.N. Face Interest Cost Date Particulars W.N. Face Interest Cost

Value Value

Total Total

Time Line

31/3 1/4 1/7 30/9 1/10 1/1 1/2 31/3Interest Op. Bal Purchase Interest Sold Purchase Sale Int / Clo

1.4.09 To Balance b/d 120000 118000

Note : The last date of interest was 31/3 and the opening balance is 1/4 so there is no accrued opening interest. If the dates would have been different then there would have been opening accrued interest also.

Solution


Value Value

Total Total

Time Line


1.4.09 To Balance b/d 120000 118000

1.7.09 To Bank A/c 1 10000 200 9898

Working Note 1

Ex – Interest price = 100 X 98 = 9800 + 1% = 9898

Interest = 100 x 100 x 8% x 3/12 = 200

solution


Value Value

Total Total

Time Line


1.4.09 To Balance b/d 120000 - 118000

1.7.09 To Bank A/c 1 10000 200 9898

30.9.09 By Bank A/c 2 - 5200 -

Working Note 2

Interest = 130000 x 8% x 6/12 = 5200

solution


Value Value

Total Total

Time Line


1.4.09 To Balance b/d 120000 - 118000

1.7.09 To Bank A/c 1 10000 200 9898

30.9.09 By Bank A/c 2 - 5200 -

1.10.09 By Bank A/c 20000 - 19800

1.10.09 To Profit on Sale 3 - - 133

Working Note 4 Profit / Loss on Sale (Fifo Basis)

Face Value Cost Opening Balance 1,20,000 1,18,000 Sold 20,000Selling PriceProfit on Sale

19,66719,800

133

20,000 x 1,18,000 / 1,20,000

solution


Value Value

Total Total

Time Line


1.4.09 To Balance b/d 120000 - 118000

1.7.09 To Bank A/c 1 10000 200 9898

30.9.09 By Bank A/c 2 - 5200 -

1.10.09 By Bank A/c - 20000 - 19800

1.10.09 To Prof of Sale 3 - - 133

1.1.10 To Bank A/c 4 5000 100 4849

Working Note 4

Cum – Interest price = 50 X 98 = 4900 + 1% = 4949

Interest = 50 x 100 x 8% x 3/12 = 100


Solution


Value Value

Total Total

Time Line


1.4.09 To Balance b/d 120000 - 118000

1.7.09 To Bank A/c 1 10000 200 9898

30.9.09 By Bank A/c 2 - 5200 -

1.10.09 By Bank A/c - 20000 - 19800

1.10.09 To Prof of Sale 3 - - 133

1.1.10 To Bank A/c 4 5000 100 4849

1.2.10 By Bank A/c 5 20000 533 19602

Working Note 5

Ex – Interest price = 200 X 99 = 19800 - 1% = 19602

Interest = 200 x 100 x 8% x 4/12 = 533


Value Value

Total Total

Time Line


1.4.09 To Balance b/d 120000 - 118000

1.7.09 To Bank A/c 1 10000 200 9898

30.9.09 By Bank A/c 2 - 5200 -

1.10.09 By Bank A/c - 20000 - 19800

1.10.09 To Prof of Sale 3 - - 133

1.1.10 To Bank A/c 4 5000 100 4849

1.2.10 By Bank A/c 5 20000 533 19602

1.2.10 By Loss on Sale 6 - - 64

Working Note 6 Profit / Loss on Sale (Fifo Basis)

Face Value Cost Opening Balance 1,20,000 1,18,000 Sold 20,000Selling PriceLoss on Sale

19,66619,602

64

20,000 x 1,18,000 / 1,20,000


Value Value

Total Total

Time Line


1.4.09 To Balance b/d 120000 - 118000

1.7.09 To Bank A/c 1 10000 200 9898

30.9.09 By Bank A/c 2 - 5200 -

1.10.09 By Bank A/c - 20000 - 19800

1.10.09 To Prof of Sale 3 - - 133

1.1.10 To Bank A/c 4 5000 100 4849

1.2.10 By Bank A/c 5 20000 533 19602

1.2.10 By Loss on Sale 6 - - 64

31.3.10 By Bank A/c 7 3800 -

Working Note 7

Interest = 95000 x 8% x 6/12 = 3800


Value Value

Total Total

Time Line


1.4.09 To Balance b/d 120000 - 118000

1.7.09 To Bank A/c 1 10000 200 9898

30.9.09 By Bank A/c 2 - 5200 -

1.10.09 By Bank A/c - 20000 - 19800

1.10.09 To Prof of Sale 3 - - 133

1.1.10 To Bank A/c 4 5000 100 4849

1.2.10 By Bank A/c 5 20000 533 19602

1.2.10 By Loss on Sale 6 - - 64

31.3.10 By Bank A/c 7 3800 -

135000

31.3.10 By Balance c/d 8 95000 - 93414

135000 132800132800

Working Note 8

Closing cost 132800 – 19800 – 19602 – 64 = 93414

Market Price = 95000 / 100 x 99 = 94050

So lower of cost and market value is 93414


Value Value

Total Total

Time Line


1.4.09 To Balance b/d 120000 - 118000

1.7.09 To Bank A/c 1 10000 200 9898

30.9.09 By Bank A/c 2 - 5200 -

1.10.09 By Bank A/c - 20000 - 19800

1.10.09 To Prof of Sale 3 - - 133

1.1.10 To Bank A/c 4 5000 100 4849

1.2.10 By Bank A/c 5 20000 533 19602

1.2.10 By Loss on Sale 6 - - 64

31.3.10 By Bank A/c 7 3800 -

31.3.10 By Balance c/d 8 95000 - 93414

135000 135000 1328001328009533 9533

31.3.10 To P / L A/c 9233

Note : Interest being the nominal account, it should be closed and the balance should be transferred to profit and loss A/c

Variable Income Bearing Securities

The investment in equity shares comes under thiscategory.

Dr Investment Account Cr

Date Particulars W.N Face Dividend Cost Date Particulars W.N Face Dividend Cost

Value Value

Total Total

Cost of investment includes acquisition charges such as brokerage, fees and duties.


A) Dividends from investments in shares are not recognised in the statement of profit and loss until a right to receive payment is established.

B) The amount of dividend accruing between the date of last dividend payment and the date of purchase cannot be immediately ascertained.

C) The dividend received for a particular period of time is assumed to be evenly distributed over the period.

Some important points to be noted with reference to investment inequity shares


Right Shares

When right shares offered are subscribed for, the cost of the rightshares is added to the carrying amount of the original holding.

If rights are not subscribed for but are sold in the market, the sale proceeds are taken to the profit and loss statement.

Where the investments are acquired on cum – right basis and themarket value of investment immediately after their becoming ex –right is lower than the cost for which they were acquired, it may beappropriate to apply the sale proceeds of rights to reduce thecarrying amount of such investments to the market value.


Right Shares

For e.g. Mr. X acquires 200 shares of a company on cum-rightbasis for ₹50,000. He subsequently receives an offer of right toacquire fresh shares in the company in the proportion of 1 : 1 at ₹200 each. X subscribes for the right issue. Thus, the total cost of X’sholding of 400 shares would amount to ₹ 90,000

Suppose, he does not subscribe but sells the rights for ₹ 15,000.The ex-right market value of 200 shares bought by X immediatelyafter rights falls to ₹ 40,000. In this case out of sale proceeds of₹ 15,000, ₹ 10,000 may be applied to reduce the carryingamount to the market value ₹ 40,000 and ₹ 5,000 would becredited to the profit and loss account.


Bonus Shares

Where an investment is acquired by way of issue of bonus shares,no amount is entered in the cost column of investment account sincethe investor has not to pay anything. It only adds to the face valueof the shares.


Dividend

Dividend on shares is received on the shares held on the daydividend is announced by the company.

The dividend for the period, for which the shares were not held bythe investor, should not be treated as revenue receipt but theyshould treated as capital receipt.


Dividend Example

Mr. X Purchase 5000 equity shares of Rahul Ltd. having face valueof ₹ 10 for ₹ 25 on 1/10/2011. The company announcesdividend @ 10% on 15/3/2012 for the year 2011. Calculatetotal dividend and the amount that can be credited to cost.

Solution

01/01/2011 01/10/2011 31/12/2011

Total Dividend = 5000 x 10 x 10% = ₹ 5,000

Amount credited to the cost = ₹ 5,000 x 9 / 12 = ₹ 3,750


Journal Entries Purchase

Investment A/c . . . . . . DrTo Bank A/c

Sale

Bank A/c . . . . . . DrTo Investment A/c

Profit or loss on sale

When investments are sold, we need to calculate profitor loss on sale. Profit or loss is calculated by comparingthe selling price to the cost of investment held.

Journal Entry Loss on sale

Loss of Sale of Investment A/c . . . . . Dr To Investment A/c

Profit on sale

Investment A/c . . . . . Dr To Profit on Sale A/c

Practice Question – Study Material ILL 2 – Page No 12.7

On 1.4.2010 Mr Krishna Murty Purchased 1,000 equity shares of ₹ 100each in TELCO Ltd. @ 120 each from a Broker, who charged 2%brokerage. He incurred 50 paise per ₹ 100 as cost of shares transferstamps. On 31.1.2011 bonus was declared in the ratio 1 : 2. Before andafter the record date of bonus shares, the shares were quoted at ₹ 175per share and ₹ 90 per share respectively. On 31.3.2011 Mr. KrishnaMurty sold bonus shares to a broker, who charged 2% brokerage.Show the investment Account in the books of Mr. Krishna Murty, who heldthe shares as current assets and closing value of investments shall bemade at cost or market value whichever is lower.

Time Line

1/4 31/1 31/3 31/3Purchase Bonus Sale Closing


Time Line


Mr. KrishnaDr Equity Shares of Telco Ltd. Cr

Date Particulars W.N. Face Dividend Cost Date Particulars W.N. Face Dividend Cost Value Value

Total Total

1.4.10 To Bank A/c 1 100000 123000

Working Note 1

Cost = 1000 x 120

= 120000 + 2% on120000 + ½ % (50 p per ₹ 100) on 120000= 123000

Time Line




Total Total

1.4.10 To Bank A/c 1 100000 - 123000

31.1.11 To Bonus Shares 2 50000 - -

Working Note 2

Bonus in the ratio 1 for 2 = 1000 / 2 = 500 x 100 = 50,000

Time Line




Total Total

1.4.10 To Bank A/c 1 100000 - 123000

31.1.11 To Bonus Shares 2 50000 - -

31.3.11 To Bank A/c 3 50000 - 44100

Working Note 3

Selling price = 500 x 90 = 45000 – 2% = 44100

Time Line




Total Total

1.4.10 To Bank A/c 1 100000 - 123000

31.1.11 To Bonus Shares 2 50000 - -

31.3.11 To Bank A/c 3 50000 - 44100

31.3.11 To Profit on Sale 4 - - 3100

Working Note 4 Profit / Loss on SaleFace Value Cost

Purchase 1,00,000 1,23,000Bonus 50,000 - . Total cost 1,50,000 1,23,000

Cost of Investment Sold = 50,000 x 123000 / 150000 = 41,000 Selling Price 44,100Profit on Sale 3,100

Time Line




Total Total

1.4.10 To Bank A/c 1 100000 - 123000

31.1.11 To Bonus Shares 2 50000 - -

31.3.11 By Bank A/c 3 50000 - 44100

31.3.11 To Profit on Sale 4 - - 3100

31.3.11 By Balance c/d 5 100000 - 82000

Working Note 5 – Valuation of Closing Stock

Cost = 123000 + 3100 – 44100 = ₹82000

Market Value = 1000 (1500 – 500) x 90 = ₹90000

Closing Balance will be he lower of cost or market value i.e. ₹82000

150000 126100 126100150000


0n 1st Jan ,10, Singh had 20,000 equity shares in X Ltd. Face value of the shares was ₹ 10each but their book value was ₹ 16 per share. On 1st June,10 Singh purchased 5,000 equityshares in the company at a premium of ₹ 4 per share.On 30th June,10, the directors of X Ltd. announced a bonus and rights issue. Bonus wasdeclared at the rate of one equity share for every 5 shares held and this shares werereceived on 2nd August, 2010.The Terms of Rights issue were1. Rights shares to be issued to the existing holders on 10th Aug, 20102. Rights issue would entitle the holders to subscribe to additional equity shares in the ratio

of 1 for 3 @₹ 15 per share and amount was payable on 30th Sept, 2010.3. Existing holders may either wholly or partly, transfer their rights to outsiders.4. Singh exercised his option under the issue for 50% of his entitlement and the balance of

rights he sold to Ananth for a consideration of ₹ 1.50 per share.5. Dividends for the year ended 31st March, 2010 at the rate of 15% were declared by

the company and received by Singh on 20th October, 2010.6. On 1st November, 2010, Singh sold 20,000 equity shares at the premium of ₹ 3 per

shares.The market price of shares on 31-12-2010 was ₹ 13. Show the investment account as itwould appear in Singh’s books on 31-12-2010 and the value of shares held on that date.

1

2

3

4

5

6 7


Time Line

1/1 1/6 2/8 30/9 20/10 1/11 31/12Opening Purchase Bonus Rights Dividend Sale Closing

Time Line


SinghDr Equity Shares of X Ltd. Cr


Total Total

1.1.10 To Balance b/d 1 200000 - 320000

Working Note 1

Opening Balance

Face Value = 20,000 x 10 = 200,000

Cost = 20,000 x 16 = 320,000

Time Line




Total Total

1.1.10 To Balance b/d 1 200000 - 320000

1.6.10 To Bank A/c 2 50000 - 70000

Working Note 2

Purchase

Face Value = 5,000 x 10 = 50,000

Cost = 5,000 x 14 = 70,000

Time Line




Total Total

1.1.10 To Balance b/d 1 200000 - 320000

1.6.10 To Bank A/c 2 50000 - 700002.8.10 To Bonus Issue 3 50000 - -

Working Note 3

Bonus Issue = 1 for 5 shares held = 25,000 / 5 = 5000 x 10 = 50,000

Time Line




Total Total

1.1.10 To Balance b/d 1 200000 - 320000


30.9.10 To Bank (Rights) 4 50000 - 75000

30.9.10 By Bank (Rights) 4 - - 7500

Working Note 4

Rights Issue = 1 for 3 shares held = 30,000 / 3 = 10,000

Purchase of Rights = 10,000 X 50% x 15 = ₹ 75,000

Sale of Rights = 10,000 x 50% x 1.5 = ₹ 7,500

Time Line




Total Total

1.1.10 To Balance b/d 1 200000 - 320000


30.9.10 To Bank (Rights) 4 50000 - 75000

30.9.10 By Bank (Rights) 4 - - 7500

30.9.10 By Bank A/c 5 - 30000 7500(Dividend)

Working Note 5

Dividend = 250000 x 15% = 37,500

Credited to cost = 50,000 (Purchased on 1/6/10) x 15% = 7500

Note : No Dividend shall be received on Bonus Issue and Rights Issue

Time Line

1/1 1/6 2/8 30/9 20/10Opening Purchase Bonus Rights Dividend

Time Line




Total Total

1.1.10 To Balance b/d 1 200000 - 320000


30.9.10 To Bank (Rights) 4 50000 - 75000

30.9.10 By Bank (Rights) 4 - - 7500


1.11.10 By Bank A/c 6 200000 - 260000

Working Note 6

Sale

Face Value = 20000 x 10 = 200000

Cost = 20000 x 13 = 260000

Time Line




Total Total

1.1.10 To Balance b/d 1 200000 - 320000


30.9.10 To Bank (Rights) 4 50000 - 75000

30.9.10 By Bank (Rights) 4 - - 7500


1.11.10 By Bank A/c 6 200000 - 260000

Working Note 7 – Profit or Loss on Sales

Investment Held = Face Value = 200000 + 50000 + 50000 + 50000 = ₹350000

Cost Price = 320000 + 70000 + 75000 – 7500 – 7500 = ₹450000

Cost of Investment Sold = 200000 x 450000 / 350000 = ₹257143

Profit on sale = 260000 (SP) – 257143(CP) = ₹2857

1.11.10 To Profit on Sale 7 - - 2857

Time Line




Total Total

1.1.10 To Balance b/d 1 200000 - 320000


30.9.10 To Bank (Rights) 4 50000 - 75000

30.9.10 By Bank (Rights) 4 - - 7500


1.11.10 By Bank A/c 6 200000 - 260000

1.11.10 To Profit on Sale 7 - - 2587

31.12 By Balance c/d 8 150000 - 192857

350000 350000 467857467857

Working Note 8 – Valuation of Closing Stock

Face Value = 350000 – 200000 = 150000

Cost = 450000 – 257143 = 192857 or 150000 x 450000 / 350000 = 192857

Market Value = 150000 / 10 x 13 = 195000

The closing has to be lower of cost or market price = 192857

Time Line




Total Total

1.1.10 To Balance b/d 1 200000 - 320000


30.9.10 To Bank (Rights) 4 50000 - 75000

30.9.10 By Bank (Rights) 4 - - 7500


1.11.10 By Bank A/c 6 200000 - 260000

1.11.10 To Profit on Sale 7 - - 2587

31.12 By Balance c/d 8 150000 - 192857

350000 350000 467857467857

31.12 To P / L A/c 30000

30000 30000

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