funds received for the purpose of shares but booked as income in the boos of accounts

[RameshBabu Kari]

funds received for the purpose of shares but booked as income in the boos of accounts ? what is the steps need to take on into book as per the actual purpose ?

[DR.MARIAPPAN GOVINDARAJAN]

Your query is not clear. The amount received for shares could not be the income. Whether you want to reverse the booking?

[Ganeshan Kalyani]

Need more clarity in your query.

[RameshBabu Kari]

We received the funds from US in usd for the purpose of purchase of shares but the fund so received was treated in the books of accounts as income.Please guide to make corrective steps in this regard. What are the correcting ways for that ?

AI Summary

Misclassified capital receipt: guidance sought to correct funds received for share purchase booked as income. Funds received from abroad in US dollars for purchase of shares were recorded in the books as income; the enquirer requests guidance on corrective accounting steps to reclassify the receipt to reflect its true purpose as share subscription, and forum replies only sought clarification without providing remedial instructions.