Allied Ltd purchases a financial asset for 85 with associated legal costs of 8. At the end
Question:
Allied Ltd purchases a financial asset for €85 with associated legal costs of €8. At the end of the accounting financial period the market value of the financial asset increased to €110. Due to market conditions the value of the financial asset decreased significantly to €78. However, the interest received on this financial asset was €7. The market conditions for the financial asset improved substantially and thus the market value of the asset was estimated to be €115. Following the revaluation of the financial asset the company decided to sell the asset for €123. Show the accounting entries for the above financial activities.
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Related Book For 
Accounting For Financial Instruments A Guide To Valuation And Risk Management
ISBN: 9781138237599
1st Edition
Authors: Emanuel Camilleri, Roxanne Camilleri
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