Accounting for Future Option Transaction
This query is : Resolved
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
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
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.
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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