Accounting entry in future and options commodities
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 August 2011
What is an accounting entries for the transactions to be made in Futures and options commodity market? Please state the accounting entries as per the below mentioned transaction
1) For purchasing shares
2) For selling shares
3) for recording profit or loss on day-to-day closing rate basis
4)Also let me know that sfter considering the above entries as per point no. 1, 2 & 3 where should I must show the lump sum amount paid to broker for settling losses and profits
1) For purchasing shares
2) For selling shares
3) for recording profit or loss on day-to-day closing rate basis
4)Also let me know that sfter considering the above entries as per point no. 1, 2 & 3 where should I must show the lump sum amount paid to broker for settling losses and profits
CA. Anoop Gadia
(Expert)
24 August 2011
as per income tax F&O turnover is net profit and loss from any transaction so you book net amount as profit and loss and for turnover.
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