Accounting Entry
This query is : Resolved
Ranjith Kumar
(Querist)
03 March 2010
What is the accounting entry for the gain on sale & sale of mutual funds, whether it should be a compunding entry for both sale and gain
M Prabhakar Menon
(Expert)
03 March 2010
You may pass seperate entries of purchase and sale or a single entry to record the gain or loss, depending on the data rerquirement of the entity for future reference. If the transaction is one and the same set of instruments/securities only occuring on the same day or time credit for the gain/loss only may be accounted for with all relevant details in the naration.You have not specified the type of entity.
CMA Ramesh Krishnan
(Expert)
03 March 2010
Can be made both way
Dr.Bank A/c
Cr.Investment A/C
Cr.Gain on sale A/C
If the Loss
Dr.Bank A/c
Dr.Loss on sale A/c
Cr.Investment A/C
Dr.Bank A/c
Cr.Investment A/C
Cr.Gain on sale A/C
If the Loss
Dr.Bank A/c
Dr.Loss on sale A/c
Cr.Investment A/C
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