Hello,
Please provide the comments for following query:
I have made two intraday trades as follow and passed the following entry:
1. Buy 1 unit @ Rs. 1000 and Sold it @ Rs. 1050.
Entry : Debit Broker;s A/c Rs. 50 & credit Gross Revenue A/c Rs. 50. (Here my turnover is Rs. 50/- as per Section 43(5)
2. Buy 1 unit @ 500 and sold it for Rs. 450/-
Entry : Debit Gross Revenue A/c Rs. 50 & Credit Broker;s A/c Rs. 50 (Here also my turnover is Rs. 50/- as per Section 43(5)
Query : turnover should be Rs. 100/- but my Books of Account shows turnover as Nil. Is the above entries wrong ? if yes.. what will be the correct entries ???
CAclubindia
