Accounting_Enteries

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 October 2010 Dear sir,
can any one help me about how to post the entry for our companies purchase ans sale of commodities and derivatives , we have received brokers contract note and account statement but both are not matching

CA Ankit Shah

CA Ankit Shah (Expert)
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29 October 2010 Broker's contract note and account statement always differ, reasons

In broker's not 100 % of commodity value shown, and in account statement only margin money (25 to 30%, and changes as per share name) paid by us shown.

And in tax audit also, net figure of sale - purchase will be consider for turnover, whether profit or loss, only difference will be consider.

Brokers provide ACCOUNT STATEMENT and CONTRACT NOTE FOR NORMAL SHARE TRADING

however u can ask for commodity margin statement (other than contract note) , which shows particular commodity price difference by last day closing price and today closing price.

By that only profit or loss entry in particular commodity have to be made.

If you make sale and purchase entry like normal share trading, then that will be wrong.

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