Question

Purchased shares of Infosysis company at Rs. 50,000 and Rs. 500 paid as brokerage by Demant A/C

Answer 1

Purchase of investment

Explanation:

                       Books of (--- Limited)

                            Journal entry  

Date    Account Title and Explanation   Debit   Credit

            Investment            A/c  Dr.          50,000

             Brokerage            A/c  Dr.               500

             To bank                A/c                                 50,500

            (Being Brokerage paid on the purchase of investment)

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