Entry of future & options
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 June 2014
A Proprietor Concern is doing an F&O, so for that purpose what entry has to be passed. It does not keep any margin with the broker. so Whether separate margin account has to be opened under which head?. What about the charges that has to be debited and how it has to be entered in accounts and what about taxation parts. Please explain?.
12 June 2014
if there is no margin kept, then no need to create margin account.
the charges like brokerage etc are to be debited to a separate account head in direct expenses.
profits received and loss incurred should be parked as sales and purchase.
taxation part comes at the end if there is any profit and should be charged off like any other normal income tax entry
the charges like brokerage etc are to be debited to a separate account head in direct expenses.
profits received and loss incurred should be parked as sales and purchase.
taxation part comes at the end if there is any profit and should be charged off like any other normal income tax entry
12 June 2014
you make Profit & loss a/c and exp of F & O book as direct exp. and make sale and purchase a/c and party a/c and bank a/c
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