21 June 2015
hi friends i do share trading i want to know how to pass on accounting entries , prepare p&l valance sheet and computation of tax if i trade in shares intra day and delivery short term
22 June 2015
As far as intra day is concerned you can book directly profit/loss while passing journal entries.
If you are taking delivery of shares you need to focus two things. 1. If you are selling that share after a year then that profit will be booked in a seprate ledger as that would be exempted.
2. If you are selling that share less then a year then it would go in an another created ledger as this would be attract income tax.
In both above condition you need to pass journal entries as purchase/sales (Share's name).
CAclubindia
