Omega Equity Investments Ltd., wants to re-classify its investments in accordance with AS 13. State the...
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Omega Equity Investments Ltd., wants to re-classify its investments in accordance with AS 13. State the values, at which the investments have to be reclassified in the following cases: (i) Long term investments in Company A, costing Rs. 8.5 lakhs are to be re-classified as current. The company had reduced the value of these investments to Rs. 6.5 lakhs to recognize a permanent decline in value. The fair value on date of transfer is Rs. 6.81lakhs. Omega Equity Investments Ltd., wants to re-classify its investments in accordance with AS 13. State the values, at which the investments have to be reclassified in the following cases: (i) Long term investments in Company A, costing Rs. 8.5 lakhs are to be re-classified as current. The company had reduced the value of these investments to Rs. 6.5 lakhs to recognize a permanent decline in value. The fair value on date of transfer is Rs. 6.81lakhs.
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Answer Explanation iTransfers are made at the lower of cost ... View the full answer
Related Book For
Equity Asset Valuation
ISBN: 978-0470571439
2nd Edition
Authors: Jerald E. Pinto, Elaine Henry, Thomas R. Robinson , John D. Stowe, Abby Cohen
Posted Date:
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