accounting for MF investment
Querist : Anonymous
Further while calculating net profit, do we have account in FIFO basis or average method.
Credit mutal fund account on sale
if there is profit on redemption/ sale credit profit to profit on sale of mutual fund accoutn
if there loss debit the amount to the account
If you donot want to acount for income tax you have the choice as per your bussienss policy
Querist : Anonymous
Referring to AS13 - Clause 22, which states that the profit to be recognised based on the average basis.
That means, we cannot follow the FIFO basis for company.
Is it true ?
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