F&O Accounting and Audit
This query is : Resolved
Quick Summary
29 April 2022
Dear Friends, In F&O Transaction how to calculate turnover and how to account F&O transaction in books of accounts. If it comes under tax audit what amount as a turnover needs to specify in Ratio calculation part.
29 April 2022
The sum total of gains and losses of all F&O transactions in a financial year is the turnover.
Message likes :
1 times
30 April 2022
Turnover for F & O is total of profit+ total of loss (in positive value )+ sale value. Audit is compulsory if turnover is above 10 crores but you have to compulsorily declare 6% of turnover as profit.
Message likes :
1 times
07 May 2022
Dear Madam/Sri, I don't want to declare 6% profit. I want to audit. In 3CD form what turnover need to be entered.
F&O turnover in my case-1.3 crore
profit on sale of f&o - 2005282.8
Loss on sale of f&o - 1883766.7
Total profit earned - 121516.10
In tally how to made entry. All purchase and sales need to enter or profit and loss on sale of f&o only need to enter?
F&O turnover in my case-1.3 crore
profit on sale of f&o - 2005282.8
Loss on sale of f&o - 1883766.7
Total profit earned - 121516.10
In tally how to made entry. All purchase and sales need to enter or profit and loss on sale of f&o only need to enter?
07 May 2022
Enter only profit and loss on sale of f&o.
Message likes :
1 times
08 May 2022
Your turnover will be 16889050/-
Message likes :
1 times
09 May 2022
No, your turnover is 38,89,048 sum of profit and loss.
Message likes :
1 times
09 May 2022
The turnover in case of F&O transaction to be computed as below:
(i) The total of favourable and unfavourable differences (Profit/Loss) shall be taken as turnover.
(ii) Premium received on options
For example you buys 100 units of Futures @ Rs 200 and sells at RS 210. Also buys 200 units of options @ Rs 300 and sells at Rs 290.
This is how his turnover would be determined:
Particulars Calculation Amount
Profit on sale of Futures /100 * 10 / 1 Thousand
Loss on sale of Options /200*10 / 2Thousand (negative ignored)
Premium on sale of options /200*290 / 58Thousand
Total Turnover 61Thousand
(i) The total of favourable and unfavourable differences (Profit/Loss) shall be taken as turnover.
(ii) Premium received on options
For example you buys 100 units of Futures @ Rs 200 and sells at RS 210. Also buys 200 units of options @ Rs 300 and sells at Rs 290.
This is how his turnover would be determined:
Particulars Calculation Amount
Profit on sale of Futures /100 * 10 / 1 Thousand
Loss on sale of Options /200*10 / 2Thousand (negative ignored)
Premium on sale of options /200*290 / 58Thousand
Total Turnover 61Thousand
Message likes :
1 times
09 May 2022
Here the turnover is 3000 and net loss on option trading is 1000.
Where is the premium trading given.
Where is the premium trading given.
Message likes :
1 times
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
- CAPITAL GAIN BASE ON NOTIFICATION
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- NRI starting business in India
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- Resigning a auditor from the company for misconduct
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- EXPORT COMMERCIAL INVOICE HSN CODE
- Capital gain on sale and purchase of plot
- Form 140 tds
- Taxable or Tax exempt
- How to pay remaining amount of TDS after due date?
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
