Forex Entries

A/c entries 175 views 4 replies

Mohammed Shahid Rahman

Partner

143 Points Joined May 2015

Hello

I have invested in Forex Trading.

I paid Rs.26k to a company named ABC Forex located in India. In return I got $336 to trade with and a leverage of 1:500

I am getting daily statements. Some goes on loss and some on profit. Most of them are loss. I am also getting monthly statement.

My question is what will be account entries and how to do these entries in Tally. I have no clue at all.

I have created a ledger named "Investment in Forex" under "Investments" and passed following journal entry:

Dr Investment in Forex

Cr Bank A/c

Now what needs to be done. How do I pass income and loss. Apart from that I have withdrawn few dollars from this investment, how to do entry for that as well.

Thanks.

Replies (4)

Devil

Confidential

177 Points Joined November 2017

Not possible to say any thing without statement should go for professional advice

This is derivative accounting. what evernl is in and out is nothing but Margin settlement. account this this margin Paid and received by creating margin asset account.

on each balance sheet date, You have to book the losses or Gain in PL from Initial contract rate to B/s closing rate. (Ind as 32 / 109. financial Instruments)

i hope You are asking from Company's Point of view.

Mohammed Shahid Rahman

Partner

143 Points Joined May 2015

Thank for the Reply Mr Ravi.

I am fairly new in Tally and Margin stuff so an example of it would be very helpful.

I withdraw also and sometimes deposit also in this margin but I do not know how to do the entries.

Thanks

crudo fakel

2 Points Joined January 2021

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