journal entry
This query is : Resolved
18 February 2011
if we have purchase mutual funds what is entry for the same and the appreciation of fund value entry or decrease in the fund value what is the entry for the same.
kindly tell
kindly tell
18 February 2011
Entry have to be passed only on purchase / sale or revaluation on 31st March.
Purchase : Fund Name A/c Dr.
To Bank A/c Cr.
For appreciation >>> no entry as per the rule of market value or cost , whichever is lower.
For decrease in value & that too on the year ending & if its a permanent type of decrease >>>>
Loss on revaluation A/c Dr.
To Fund Name A/c Cr.
Purchase : Fund Name A/c Dr.
To Bank A/c Cr.
For appreciation >>> no entry as per the rule of market value or cost , whichever is lower.
For decrease in value & that too on the year ending & if its a permanent type of decrease >>>>
Loss on revaluation A/c Dr.
To Fund Name A/c Cr.
18 February 2011
1- for purchase.
mutual fund a/c dr.( investment)
to cash / bank
2. appropration in value of MF.
no entery required since AS 1 " Discloser of accounting policy, anly discloser required.
3. only loss and gain is calculated on the date of maturity or sale.
if profit then -
mutual fund a/c dr
To Profit & loss
reverse the above entery in case of Loss.
mutual fund a/c dr.( investment)
to cash / bank
2. appropration in value of MF.
no entery required since AS 1 " Discloser of accounting policy, anly discloser required.
3. only loss and gain is calculated on the date of maturity or sale.
if profit then -
mutual fund a/c dr
To Profit & loss
reverse the above entery in case of Loss.
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
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR 1: Details for showing Exempt Income
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
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
