Journal Entry.

Save Share

This query is : Resolved

Guest

Guest (Querist)

03 February 2010 A is doing Share Trading business.

1. A gives cheque for initial margin to
say Sharekhan.

What is the journal entry ?

2. A buys 10 Shares of IDEA Cellular ?

What is the journal entry ?

3. A sells 10 Shares of IDEA Cellular ?

What is the journal entry ?

4. A gives cheque for the obligation of
10 Shares of IDEA Cellular to Sharekhan.

What is the journal entry ?

5. How do create ledger and under what
account head,'Sharekhan' shall
appear in Tally.

6. How do create ledger and under what
account head, 'Purchase & Sale of IDEA
Cellular Shares' shall appear in Tally.

Await experts' advise / views / suggestions.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

03 February 2010 In your Transaction all are Payment & Receipt entries

1.Margin money Dr
To Bank - Giving chq is payment entry not Journal

2.Investment share -Idea cellular Dr
To Bank -This also not journal

3.Bank A/c
To Investment share- Idea Cellualr

4. Sharekhan A/c
To Bank

As my view Sharkhan is Creditor for you

Shares of IDEA Cellular can be grouped Under Investments ( Assets) or you are purchase trading purpose group under Current assets

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!