Dear Sir,
please suggest entry is correct or need to change.
share purchase entry.
Investment In share ( Investment) Dr.
Brokage (Capital account) Dr.
Service tax ( Capital account) Dr
Transcation Charges (Capital account)Dr.
STT ( Capital account) Dr.
State Bank - Cr.
Sale entry.
State Bank Dr.
Investment in shares - Cr.
investment in shares Dr.
Short term Capital gain Cr.( Capital
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Equity Entry Im books
Replies (3)
Quick Summary
If it is capital gain for you then investment should include all incidental expenses also .Add to cost of purchase
Agree with Mr Reddy
Entries will be
Investment in Shares A/c Dr
To Bank A/c Cr
( Investment in shaers )
Include all expenses in Investment in shares A/c
Sales Entry
Bank A/c Dr
To Profit on Shares A/c Cr
To Investment in Shares A/c Cr
( sale of Investment )
As per AS 13 profit on sale of Investment will transfer to P&L , treated as short term capital gains for Income tax purpose , will be taxed @ 15% .
Entries will be
Investment in Shares A/c Dr
To Bank A/c Cr
( Investment in shaers )
Include all expenses in Investment in shares A/c
Sales Entry
Bank A/c Dr
To Profit on Shares A/c Cr
To Investment in Shares A/c Cr
( sale of Investment )
As per AS 13 profit on sale of Investment will transfer to P&L , treated as short term capital gains for Income tax purpose , will be taxed @ 15% .
Thanks sir,
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