share transaction in tally accounting
This query is : Resolved
22 February 2011
please help - i have a client who has mad e some share transactions and i have put down in tally accounting software 9. i want to know how to correct accounting of share transaction in tally 9. i have generated shares as quantity detail and made sales and purchase entry but i am dissatisfied of that entry please tell or teach me how to enter correctly. if any answer and want to sent me my email id is mjsolanki74@yahoo.in
19 November 2011
Firstly, create a company as "Accounts with Inventory" Option.
Create following ledger accounts in tally
1. Purchase of Shares A/c'
2. Sale of Shares A/c
(Open the above accounts under Purchase and Sale respy)
3. Speculation Purchase A/c
4. Speculation Sales A/c
(Open the above accounts as Direct Exps. or Income head. The head here will not make any difference as at the end of the year we will be netting off the two speculation account)
For Inventory of Shares follow following steps.
1. Open two groups:
i. Speculative Transactions Stock
ii. Delivery Based Transaction Stock
Mention each shares under two inventory groups by adding the same as stock item. CAUTION: Here make sure that you open two seperate accounts for the same stock if you are dealing in both Delivery Transactions and Speculative Transaction. E.g. Share of TISCO is defined in tally as TISCO - D and TISCO - S where D and S suggest that the entry in the inventory is for Delivery (D) and for Speculative (S) Transaction.
After above steps start entering entry BILL WISE only in JOURNAL mode.
At the end of the year close any one speculation account by transfering the balance to other speculation account. Balance either speculation profit or loss can be used for seperate reporting for Income Tax Purpose.
Hope this points will help you in accounting share transactions in Tally.
Create following ledger accounts in tally
1. Purchase of Shares A/c'
2. Sale of Shares A/c
(Open the above accounts under Purchase and Sale respy)
3. Speculation Purchase A/c
4. Speculation Sales A/c
(Open the above accounts as Direct Exps. or Income head. The head here will not make any difference as at the end of the year we will be netting off the two speculation account)
For Inventory of Shares follow following steps.
1. Open two groups:
i. Speculative Transactions Stock
ii. Delivery Based Transaction Stock
Mention each shares under two inventory groups by adding the same as stock item. CAUTION: Here make sure that you open two seperate accounts for the same stock if you are dealing in both Delivery Transactions and Speculative Transaction. E.g. Share of TISCO is defined in tally as TISCO - D and TISCO - S where D and S suggest that the entry in the inventory is for Delivery (D) and for Speculative (S) Transaction.
After above steps start entering entry BILL WISE only in JOURNAL mode.
At the end of the year close any one speculation account by transfering the balance to other speculation account. Balance either speculation profit or loss can be used for seperate reporting for Income Tax Purpose.
Hope this points will help you in accounting share transactions in Tally.
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
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- TDS related Query_Liquidated Damages
- NON- SUBMISSION OF LLP FORM 3
- Long Term Service award taxability in hands of company
- Last year TDS Claim
- Form 27Q Correction statement taking too long to update on IT Portal
- ITR selection for salaries and capital gain less than L
- Showing Gift from relative in ITR for this year
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
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
