f&o turnover audit
This query is : Resolved
09 January 2010
Which of the following statement is true for the purpose of AUDIT with regard to F&O turnover :-
A) The total difference between Buy and Sell price of F&O contracts is taken to calculate the 40 Lakh limit, i.e. the profit + loss + premium on options recd + premiums paid.
B) The total difference between Buy and Sell price of F&O contracts is taken to calculate the 40 Lakh limit, i.e. the profit + loss + premium on options recd (By selling option contracts).
A) The total difference between Buy and Sell price of F&O contracts is taken to calculate the 40 Lakh limit, i.e. the profit + loss + premium on options recd + premiums paid.
B) The total difference between Buy and Sell price of F&O contracts is taken to calculate the 40 Lakh limit, i.e. the profit + loss + premium on options recd (By selling option contracts).
Aditya Maheshwari
(Expert)
09 January 2010
Turnover in case of derivates is sum of of favourable differences and unfavourable differences and sum of options premium paid and received
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