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Invetsment in mutual funds

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(Querist)
05 November 2008 if long term investments are made in mutual funds, at what amount it will be carried in books.
bcoz as per AS15 long term investments are carried at cost whereas it is difficult to identify cost in case of mutual funds.
whether it is correct to show mutual funds at NAV as on the date of balance sheet with what reason.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
05 November 2008 Cost is cost at which you made the investments. It is not correct to shw on NAV basis, which is subject to fluctuation and unrealised.
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CA Bosu babu

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CA Bosu babu (Expert)
05 November 2008 Show at cost or MV which ever is lower....in case of mutual funds COST or NAV (will be provided by fund manager) as on tat date which ever is lower....
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