Answer Posted / sudhish sharma
WHEN BALANCE SHEET IS PREPARED ON CURRENT MARKET VALUE AND WITH ALL INCOME,WHEATHER TAXABLE OR NOT,EVEN REAL INCOME WHICH IS NOT COSIDERED FOR TAX PURPOSE.INCOME OF OTHER PERSON WHICH BELONGS TRO THE PERSON IS ALSO INCLUDED IN THIS.AND SAME IN BALANCE SHEEET SOME ASSETS WHICH ARE NOT PURCHESED IN THE PERSONS NAME BUT HE IS THE OWNER,WILL ALSO INCLUDED IN BALACNCE SHEET.THIS SHOWS THE SHEDOW OF HIS ALL REAL INCOME,EXPENDITURE,ASSETS AND LIABILITIES.
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Hi I would like to know what is journal entry for buying securities with Margin Trading I mean 50% of cost is paid by broker. 2nd question is when we withdraw extra money from the balance we have in bank account which means our balance become (-) what is journal entry for that, should I just credit the bank or should I put the extra money with-drawled as a liability account ? Thank you in advance!
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