The journal entries that are required by the facts presented in the given case are:
1) On March 10,2015: Investment A/c Debited with $525000 and Bank A/c Credited with $525000,
2) On September 12,2018:Bank A/c Debited with $450000 and Investment A/c credited with $450000,
3) On March 31,2019:P&L A/c Debited with $75000 and Investment A/c credited with $75000.
Given that on March 10, 2015, Dearden, Inc. purchased 15,000 shares of Jaffa stock for $ 35 per share and Dearden sold all of the Jaffa stock on September 12,2018 , at a price of $ 30 per share.
We are required to pass the journal entries for the given transactions.
Journal is a book in which the transactions are recording for the first time in the company's books of accounts.
The journal entries are as under:
1) On March 10,2015: Investment A/c Debited with $525000 and Bank A/c Credited with $525000,
2) On September 12,2018:Bank A/c Debited with $450000 and Investment A/c credited with $450000,
3) On March 31,2019:P&L A/c Debited with $75000 and Investment A/c credited with $75000.
Hence the journal entries in the books of accounts in Dearden Inc. are: 1) On March 10,2015: Investment A/c Debited with $525000 and Bank A/c Credited with $525000,
2) On September 12,2018:Bank A/c Debited with $450000 and Investment A/c credited with $450000,
3) On March 31,2019:P&L A/c Debited with $75000 and Investment A/c credited with $75000.
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