(Answered) Question a company purchases pound10000 3i war loan at 88

Accounting

Question: A company purchases £10,000 3i% War Loan at 88 cum interest on 1st April, 1958. Brokerage and Stamp Duties amounted to £4. On 1st May, 1958, it purchased £6,000 3i% War Loan at 87i ex interest. Brokerage and Stamp Duty amounted to £3.

It made the following sales of its holding:

Re-printed by courtesy of the Association of Certified Accountants (A.C.C.A.).

Both the sales were cum interest. Interest is payable on 1st June and 1st December, without deduction of tax. Record the above transactions in the Company's ledger. The close of the Company's trading year is 31st March.

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