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Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2010 I AM DEALING IN FUTURES AND BROKER HAS CREDITED MY ACCOUNT BY MARK TO MARKET MARGIN IN HIS BOOKS. IS IT MY INCOME OR LOSS ?
PLZ REPLY EARLY ITS URGENT.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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26 November 2010 Neither. It gets reversed on the next trading day.

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Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2010 sir basicly i want to know my profit/loss in future out of the broker statement. the statement shows debit balance. does it mean i have incurred the loss ?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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26 November 2010 A seperate entry for mark to market must have been passed in the brokers ledger. During trading in F & O they do debit margin requirement as per SPAN margin and the same is debited and reversed on the next day and if still position is outstanding then new margin is calculated for the next day.

Querist : Anonymous

Querist : Anonymous (Querist)

27 November 2010 sir how can i find turnover for audit purpose from that statement ?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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27 November 2010 total of profit + loss in F & O will be your turnover.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 November 2010 sir in broker statement debit side is more by 5lac it means i have incurred the loss of 5 lac and that is my turnover

Aditya Maheshwari

Aditya Maheshwari (Expert)
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