Dear sir
please provide the name of ledger and group Loss of during sale of Shares.
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Group and ledger
Replies (6)
Create " Loss on sale of shares A/c" under exp
SIR, it's under indirect exp?
Yes .It is under Indirect Expense
How do you treat it?
Let's come to the point.
1. LOSS ON SALE OF SHARES IF ITS charged to profit and loss account.
2. it may be short term Capital loss or long term Capital loss.
Let's come to the point.
1. LOSS ON SALE OF SHARES IF ITS charged to profit and loss account.
2. it may be short term Capital loss or long term Capital loss.
You can put it as loss on sale of shares account under the heading indirect expenses in the profit and loss account.
Entry will be
Bank account Dr. ( sale amount)
To Investment in shares ( cost of shares sold)
To loss on shares account
Entry will be
Bank account Dr. ( sale amount)
To Investment in shares ( cost of shares sold)
To loss on shares account
If you are doing business and sale proceeds credited to business bank account then you have to consider under PL .While doing IT Computation it has to be adjusted in Capital Gain
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