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
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