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Accounting for Future Option Transaction

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(Querist)
04 January 2011 Dear Sir,
One of my client is doing Future Option Trading in share Bazar. His daily turnover is approx. 50 lacs.
What is the procedure for accounting?
Shall i account it as purchase & sales?
can i do as transfer to direct speculative profit/(loss)?
And shall i need toget accounts to be audited?
Kindly suggest me the best way.
Regards
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
04 January 2011 Accounting to be done on mark to market basis only.

visit this link for guidance on the same.
https://www.caclubindia.com/share_files/guidance-note-on-accounting-for-futures-options-28916.asp

if profit + loss is more than 60 lakhs for the year then liable for audit.
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