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