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
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
