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 ??
I think the account head credited would be investments but which account head would be debited ??
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 ???
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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