Question

Purchase 100 shares of perfect technologies for 55Rs per share and paid brokerage Rs 250 by transfer through netbanking

Answer 1

Answer:

Investment A/C.... Dr 5750

To bank A/C 5750

Explanation:

The cost of brokerage is added to the cost of shares

Answer 2

JOURNAL ENTRY GIVEN BELOW (in explanation)

Explanation:

For Journal Entry we use

BASIC RULES

1. Increase in Asset Debit

2. Decrease in Asset Credit

Now main Question solve using above rules

Transaction:  Purchase 100 shares of perfect technologies for 55Rs per share and paid brokerage Rs 250 by transfer through net banking

Aspect 1. Perfect Technologies purchase Share by paying brokerage so Investment ( In Share) will be Debited according to above 1. Rule

Aspect 2. Paid money through Bank, Hence Decrease the Bank and Bank is our Asset so Bank will be Credit According to above Rule

Journal Entry .

Particulars                           LF                 Dr.(Amount)             Cr.(Amount)

Investment (in Shares)                                 5750

           To  Bank A/C                                                                       5750

(Being Investment in Shares with brokerage cost)

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