Accounting for intra day transactions & F&o
This query is : Resolved
05 March 2010
My client deals in both type of trasactions intra day & F & O.He picks deliveries also of shares.Now i want to know how should i treat with deliveries?Are these should be entered as Purchase & Sales Or there is any other way to treat with these? Ialso want to know the treatment of intra day transactions, whether these be treated as Purchase & Sales or It should be entered in "Journal"?
05 March 2010
First one has to decide in case of share delivery transaction whether they are as investmentor or as trader .
As in your case is doing Intra day and F&o
it look he is trader , therefore all of such trading are business
And in these case you must show it as purchase and sale
For more refer to Guidance note of Securitisation and Derivative issued by ICAI
As in your case is doing Intra day and F&o
it look he is trader , therefore all of such trading are business
And in these case you must show it as purchase and sale
For more refer to Guidance note of Securitisation and Derivative issued by ICAI
05 March 2010
In case of Intra day and F & O turn over is net Gain or loss and I will suggest that accounting should be done on that basis.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
