Consolidation-Journal Entry for Disposal of Shares

Debit end tax liability as well

Forgo mention, recognise profit or loss from disposal

Tell me the correct journal entry rectifying the above entry or in place of the above entry.....whats wrong in the above entry....

Are these shares listed on stock exchange ?. if yes STT will be debited . so entry will be

Bank A/c. Dr
STT. A/c Dr
To Investment A/c. Cr
To profit & Losss A,/c Cr
(being payment received after sale of listed shares.)
Above entry will be in case of profit

If loss on sale of shares Profit and loss account will be Debited.

Originally posted by : yasaswi gomes
	Debit end tax liability as well

I dint understand your answer., also it is said that the entry i gave is a wrong one., not meaning that it is incomplete.,

He is correct. security transaction tax will be Debited . STT will be deducted remaining will pay to you .