accounting entry

This query is : Resolved

ali mohammad (Querist)
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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

Amit Bohra

Amit Bohra (Expert)
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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

ali mohammad

ali mohammad (Querist)
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29 May 2011 thank u very much for your valuable solution

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