accrued interst & stock valutaion
This query is : Resolved
25 March 2009
Dear Sir,
If we want to show share stock (business) at market value at 31st March than what type of entry is required to be passed at the end to show unrealized gain or unrealized loss for that. And what entry and adjustment is made when actually sold the same?
Secondly for the fixed deposit that has been matured in next year if we want to make an entry for accrued interest than tds detail is required or we have to pass the entries for interest income only?
If we want to show share stock (business) at market value at 31st March than what type of entry is required to be passed at the end to show unrealized gain or unrealized loss for that. And what entry and adjustment is made when actually sold the same?
Secondly for the fixed deposit that has been matured in next year if we want to make an entry for accrued interest than tds detail is required or we have to pass the entries for interest income only?
25 March 2009
answered
25 March 2009
1.There is no need to book unrealized gain or loss as it not permitted by AS-1.
Even then the entries are
1(a).For Gain
Invst in Shares A/c............Dr
To Unrealized Gain A/c
(b)Unrealized gain A/c.........Dr
To P&L A/c
2(a)For Loss
Unrealized loss A/c.........dr
To Invst. in Shares a/c
(b)P&L A/c......................Dr
To Unrealized Loss a/c.
2.treatment of fixed deposit
Fixed deposit a/c..........dr
TDS Receivable(Interest)...dr
To Interest Accrued A/c
Even then the entries are
1(a).For Gain
Invst in Shares A/c............Dr
To Unrealized Gain A/c
(b)Unrealized gain A/c.........Dr
To P&L A/c
2(a)For Loss
Unrealized loss A/c.........dr
To Invst. in Shares a/c
(b)P&L A/c......................Dr
To Unrealized Loss a/c.
2.treatment of fixed deposit
Fixed deposit a/c..........dr
TDS Receivable(Interest)...dr
To Interest Accrued A/c
25 March 2009
experts are right
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Exiting partner in partnership firm in gst portal
- TAX AUDIT QUESTION
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Banking Related Issue
- Average Cost Of High Quality Diamonds
- ITR-3 File/Error Found
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
