conversion of stock in trade share in to investment
This query is : Resolved
01 September 2010
Hello
Experts
please guide me for the following
I have a query that one of the firm dealing in shares and security transfer its part of the stock of shares from stock in trade to investment. what is the accounting treatment whether it is consider as sales.
And what is the treatment from taxation point of view.
Please guide
Thanks
Experts
please guide me for the following
I have a query that one of the firm dealing in shares and security transfer its part of the stock of shares from stock in trade to investment. what is the accounting treatment whether it is consider as sales.
And what is the treatment from taxation point of view.
Please guide
Thanks
02 September 2010
In my opinion there should be a transfer entry from stock in trade to investment.The investment should be stated as per the requirement of AS 13.More opinion is solicited.
Hitender Gaur
(Expert)
01 December 2010
Agree with Sukanya R
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