Profit and loss statements
This query is : Resolved
31 December 2015
HOW TO PREPARE P & L ACCOUNT IN SPECULATION BUSINESS? I AM TRADING IN INTRA DAY PURCHASE AND SALE OF SHARES. NOW I HAVE TO PREPARE P & L, BALANCE SHEET FOR THE INCOME TAX PURPOSE. BUT I AM IN CONFUSION ABOUT HOW TO PREPARE P & L. IN SPECULATION BUSINESS TURNOVER IS CONSIDERED AGRIGATE OF GAIN AND LOSS WITHOUT CONSIDERING NEGATIVE SIGN SO IN THIS SITUATION HOW CAN I PREPARE COMPLETE P & L ACCOUNT SO THAT I CAN ARRIVE THE PROFIT IN P &L WHICH I EARN IN SPECULATION BUSINESS. I AM NOT INTERESTED IN JOURNAL ENTRY.
31 December 2015
Do it in simple EXCEL. in columner form.
01 January 2016
i am not satisfied. please tell which items in p & l should be disclosed.
04 January 2016
date of purchase, date of sale, name of item/security , quantity, buy rate, sell rate, brokerage STT etc. net profit/loss
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