Dinesh (Accountant) (38 Points)
05 July 2008Hi Friends
Will any one please help me to know how to do the accounting of Shares purchase and sell in tally?
Qty sholud reflect in the stock statement
i have tried but it shows one Amount in two different heads one is in Investments heads and other in closing stock heads
please let me know
thanks
dinesh gupta
CA Rajesh S
(Chartered Accountant)
(1581 Points)
Replied 05 July 2008
Some one pl help me too in this regard
Rupesh Maheshwari
(ACA, Dip. IFR (ACCA))
(6166 Points)
Replied 05 July 2008
create a co. with 'accounts with inventory' option.Treat shares/stocks as stock items and pass entries.Create ledger accounts of various expenses viz. brokerage.clearing charges,stt,serv.tax,cess etc
CA Pradip Shah
(Practising Chartered Accountant)
(1063 Points)
Replied 05 July 2008
Dear Friends,
Firstly, create a company as "Accounts with Inventory" Option.
Create following ledger accounts in tally
1. Purchase of Shares A/c'
2. Sale of Shares A/c
(Open the above accounts under Purchase and Sale respy)
3. Speculation Purchase A/c
4. Speculation Sales A/c
(Open the above accounts as Direct Exps. or Income head. The head here will not make any difference as at the end of the year we will be netting off the two speculation account)
For Inventory of Shares follow following steps.
1. Open two groups:
i. Speculative Transactions Stock
ii. Delivery Based Transaction Stock
Mention each shares under two inventory groups by adding the same as stock item. CAUTION: Here make sure that you open two seperate accounts for the same stock if you are dealing in both Delivery Transactions and Speculative Transaction. E.g. Share of TISCO is defined in tally as TISCO - D and TISCO - S where D and S suggest that the entry in the inventory is for Delivery (D) and for Speculative (S) Transaction.
After above steps start entering entry BILL WISE only in JOURNAL mode.
At the end of the year close any one speculation account by transfering the balance to other speculation account. Balance either speculation profit or loss can be used for seperate reporting for Income Tax Purpose.
Hope this points will help you in accounting share transactions in Tally.
Regards,
Pradip Shah
L KANAGARAJ
(Assistant Manager-Finance)
(615 Points)
Replied 11 July 2008
Thank U very much for your guidence.
T.S.Mohana Harish
(Audit Assistant)
(163 Points)
Replied 11 July 2008
Respected sir & friends,
Please tell in in detail of accounting of sharges in Tally & how to seperate long term,short term,speculative transactions in tally and its sub groups please help me reguarding this in my mail address harish_ts1984 @ yahoo.com please hel me i will be thankful to you.
yours Friend,
T.S.Mohana Harish
(Audit Assistant)
(163 Points)
Replied 11 July 2008
| Originally posted by :Guest | ||
| " | Respected sir & friends, Please tell in in detail of accounting of sharges in Tally & how to seperate long term,short term,speculative transactions in tally and its sub groups please help me reguarding this in my mail address harish_ts1984 @ yahoo.com please hel me i will be thankful to you. yours Friend, |
" |
DIVYA
(ARTICLE TRAINEE)
(32 Points)
Replied 21 July 2008
how to record the share transaction as well as Short term and long term cap.gain or loss on those share transactions.?
what will be the difference in accounts maintenance when one treats share either as stock or an investment?
CA PRAMOD SARAOGI
(Chartered Accountant)
(1113 Points)
Replied 22 July 2008
It is important here to note that there may be a single bill for Delivery based purchases AND Sales as well as Speculative Purchases AND Sales for which Entry through Journal mode as mentioned by CA Pradeep Shah is the best course.
sandip
(Student)
(0 Points)
Replied 14 August 2008
|
Dear Sir, Thank you very much for updating my knowledge of share accounting in Tally. I kindly request you to tell me under which group I should create Speculative Transaction Stock group and Delivery Based Transactions Stock. Warm Regards Bhagesh Salve. Originally posted by :Pradip Shah |
||
| " | Dear Friends, Firstly, create a company as "Accounts with Inventory" Option. Create following ledger accounts in tally 1. Purchase of Shares A/c' 2. Sale of Shares A/c (Open the above accounts under Purchase and Sale respy) 3. Speculation Purchase A/c 4. Speculation Sales A/c (Open the above accounts as Direct Exps. or Income head. The head here will not make any difference as at the end of the year we will be netting off the two speculation account) For Inventory of Shares follow following steps. 1. Open two groups: i. Speculative Transactions Stock ii. Delivery Based Transaction Stock Mention each shares under two inventory groups by adding the same as stock item. CAUTION: Here make sure that you open two seperate accounts for the same stock if you are dealing in both Delivery Transactions and Speculative Transaction. E.g. Share of TISCO is defined in tally as TISCO - D and TISCO - S where D and S suggest that the entry in the inventory is for Delivery (D) and for Speculative (S) Transaction. After above steps start entering entry BILL WISE only in JOURNAL mode. At the end of the year close any one speculation account by transfering the balance to other speculation account. Balance either speculation profit or loss can be used for seperate reporting for Income Tax Purpose. Hope this points will help you in accounting share transactions in Tally. Regards, Pradip Shah |
" |
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