[GNC] posting of Switching of Mutual Fund

[Michael or Penny Novack]

>
> However, I think I have confused you with my question or term used in it.
>
> The term  of "Equity Fund" was meant to signify the name of  Mutual 
> Fund that invest in all stock (Equity of the companies, that is the 
> term used here in India for such types of fund as in like Debt Fund, 
> Liquid Fund, Multi Assets Fund etc)
>
> I did not mean to Debit Equity as it is a standard of the  accounting 
> parlance.

No, I was NOT confused. I understood that you ":Equity Fund" was an 
asset, a fund that invested in shares of ownership of companies.

I was saying that you might record the "short term gain" (an item of 
income) using equity as the other side of the transaction. I even 
explained why that was not changing anything (that an account of type 
"income" was actually a temporary account of fundamental type equity, so 
like moving an amount between two equity accounts at the same time you 
were moving the amount between to accounts of type asset)

Michael D Novack