Sale of investments

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2013 Which account head should be debited in the case where the sale of shares is made before the end of financial year but the amount is recovered after the end of the financial year ??
I think the account head credited would be investments but which account head would be debited ??

CA Krunal

CA Krunal (Expert)
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08 April 2013 Party account will be debited as this would be receivable in your books as on particular date. Kindly ensure that all other formality for transfer of shares completed to evidence its sale.

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2013 Sir i m not clear . .
Example - If I sell the shares of abc co ltd on 28/3/2013 and my broker is xyz and I received Money On 2/4/2013 . So now Which account head should be debited .. whether xyz or abc or investment Receivable and what would be the Group Heading ..in Final Accounts like Investments or Current Assets ???

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