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    ronaldhyd's Avatar
    ronaldhyd Posts: 8, Reputation: 1
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    #1

    Feb 27, 2009, 09:35 PM
    Chart of Accounts & Journal Entry
    A person is engaged in share business.Under which head of Accounts, should I creat each category of Share Purchased i.e... under Current Asset or Stock of Inventory?

    What entry should I pass while selling of that share for profit or Loss?
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
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    #2

    Feb 27, 2009, 09:42 PM

    Stock of Inventory is NOT a recognised heading. It comes under Current Assets
    Itself.
    To answer your question, Share Purchases
    Can have its own heading called INVESTMENTS.
    However, it can be put under Current Assets
    As well.
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