One of our client who passed away....had lots of share investments
so shares from his demat a/c were transferred to another persons demat accounts ...
So what are the accounting entries to be passed in both the books ???
Pls reply urgently
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Accounting entries
Replies (3)
IN 1ST PARTY'S BOOK :-
ABNORMAL LOSS A/C...........DR
TO INVESTMENT IN SHARES A/C
IN 2ND PARTY'S BOOK :-
SHARE IN INVESTMENT A/C..........DR
TO ABNORMAL GAIN A/C
Ya as per Rupesh with relevant computations of loss/gain in transfer of shares can be accounted if the transferee is acquiring at differential rates per share subject to the market rates of those shares... Provided in both the parties a/c transfer of shares should be passed...
Hope so!
Just anybody let me know whether Iam exact or not?????
yes karthika you are right loss/gain should debit or credit as per market rates of shares
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