accounting entry
This query is : Resolved
28 May 2011
Please tell me what will be the journal entry of following transaction and also income tax treatment:-
I book shares 1000 shares100000. & sold all 1000 shares for110000. and a cheque of net amount10000/- recd.
I did not made any payment regarding above transaction only10000/- cheque recd.
what will be change if this type of transaction occurs 20 to 30 times in a day and net profit or loss amount received at last day of the year
I book shares 1000 shares100000. & sold all 1000 shares for110000. and a cheque of net amount10000/- recd.
I did not made any payment regarding above transaction only10000/- cheque recd.
what will be change if this type of transaction occurs 20 to 30 times in a day and net profit or loss amount received at last day of the year
28 May 2011
1:- On purchase of Share
Share a/c Dr. 1,00,000
To A (Share borker) a/c Cr. 1,00,000
2:- on booking of profit
A (Share boker) a/c Dr. 1,10,000
To Share a/c Cr. 1,00,000
To Profit on sale of sahre a/c Cr. 10,000
3:- on che. receive of 10,000
Bank a/c Dr. 10,000
To A (Share broker) a/c 10,000
Share a/c Dr. 1,00,000
To A (Share borker) a/c Cr. 1,00,000
2:- on booking of profit
A (Share boker) a/c Dr. 1,10,000
To Share a/c Cr. 1,00,000
To Profit on sale of sahre a/c Cr. 10,000
3:- on che. receive of 10,000
Bank a/c Dr. 10,000
To A (Share broker) a/c 10,000
29 May 2011
thank u very much for your valuable solution
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Regis.
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Disallowance of Section 43B(h) to sez units
- Applicability of Ind As to associate of associate
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Bogus purchase treatment for it act gst dealer
- Gst input for FY 23-24
- Company registration : Rental agreement or NOC?
- Company Incorporation - CA and directors signing from different states
- Filing of Form 10BB instead of Filing Form 10B
- HSN Details in IFF/GSTR-1 & in GSTR 9
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
