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Computation Quiz On Audit of Investments

1. The document provides financial information for various investments including shares in ABC, DEF, and GHI companies as well as bonds and investment property. It shows costs, fair market values, and gains or losses for these holdings. 2. It also includes calculations for the fair market value and share of net income for investments in DEF Corp, GHI Corp, and JKL Corp. JKL is shown as an investment in an associate. 3. The final section gives the acquisition cost and book value for an asset and shows the calculation to determine the excess amount. It also provides a calculation to determine the value of the asset.

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Reginald Valencia
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58 views3 pages

Computation Quiz On Audit of Investments

1. The document provides financial information for various investments including shares in ABC, DEF, and GHI companies as well as bonds and investment property. It shows costs, fair market values, and gains or losses for these holdings. 2. It also includes calculations for the fair market value and share of net income for investments in DEF Corp, GHI Corp, and JKL Corp. JKL is shown as an investment in an associate. 3. The final section gives the acquisition cost and book value for an asset and shows the calculation to determine the excess amount. It also provides a calculation to determine the value of the asset.

Uploaded by

Reginald Valencia
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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No.

of shares Cost Fairvalue 12/31/15


ABC ordinary shares 9000 441000 46 414000
DEF ordinary sahres 30000 1080000 35 1050000
GHI ordinary shares 2400 360000 154 369600
1881000 FMV 1833600
1
171000 Gain 2016
27000 Loss 2015
144000 Gain relaized on ABC shares

585000 Proceeds from sale


441000 Cost
144000 Gain relaized on ABC shares

2 FMV
DEF Corp shares 1140000 1080000
GHI corp Shares 348000 360000
JKL Corp shares 323400 325400
1811400 1765400
46000

DEF Corp shares 1140000 1050000


GHI corp Shares 348000 369600
JKL Corp shares 323400 315000
1811400 1734600
76800

If JKL is an Investment in Assoc


Cost 315000
Transaction cost 10400
less dividends -3150
Share in net income 60000
CV value at 2016 382250

Investment in bonds 4000000


Investment in stocks 6200000
Investment property 3500000

Investment in bonds 4000000


Interest 0.12
0.316987 1.1 480000
6
0.683013 4000000 2732053.821
3.169865 480000 1521535.414
4253589.236
7 54641
60105
4138843.236

8
Acquisition Cost 5800000
BV of asset 5000000
excess 800000

5800000
dividends -80000
add share in net income 190000
understatement depreciation -20000
Share dividends 2014 -160000
add share in net income 1040000
Depreciation -80000
share in oci 60000
6670000
2016
65 585000

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