accounting help

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The entry for purchase of shares has been passed as :

 

DLF A/c               Dr.                      10,000

STT A/c                Dr.                             12

Stamp Duty A/c  Dr                                9

Brokerage A/c    Dr                              57

Service Tax A/c  Dr.                            112   

Other Charges A/c Dr.                          50

                         To Brokers name A/c                10,240

The entry for sale of shares has been passed as :
Brokers name A/c       Dr.                 12,000

STT A/c                          Dr.                        25

Service tax A/c               Dr.                     115    

Brokerage A/c               Dr.                       50

Stamp Duty A/c             Dr.                        14

Other charges A/c        Dr.                        16

                   To  DLF A/c                                          12,220

Are the above 2 entries passed correactly ?
Then can someone pls help me with the calculation of capital gains.

Is it necessary to show the various expenses or charges separately  as i think
from this year STT is also allowable ?

Replies (1)
Originally posted by :Kushal
" The entry for purchase of shares has been passed as :
 
DLF A/c               Dr.                      10,000
STT A/c                Dr.                             12
Stamp Duty A/c  Dr                                9
Brokerage A/c    Dr                              57
Service Tax A/c  Dr.                            112   
Other Charges A/c Dr.                          50
                         To Brokers name A/c                10,240
The entry for sale of shares has been passed as :
Brokers name A/c       Dr.                 12,000
STT A/c                          Dr.                        25
Service tax A/c               Dr.                     115    
Brokerage A/c               Dr.                       50
Stamp Duty A/c             Dr.                        14
Other charges A/c        Dr.                        16
                   To  DLF A/c                                          12,220
Are the above 2 entries passed correactly ?
Then can someone pls help me with the calculation of capital gains.
Is it necessary to show the various expenses or charges separately  as i think
from this year STT is also allowable ?
"


Yes you r right that STT will be allowable?

But  all other  expenses inclusing STT should be debited to DLF A/c for purchase entry & for sale DLF is to be credited by net amount of sale entry.


Capital gain Tax  if  sold less than a year then 10.30% on (sale - purchase price) & suchchage 10% if applicable.

 

 

 


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