Accounting of commodity transaction

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Anand Modi (Querist)
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06 April 2012 Dear Sir,
How to do accounting of Commodity transactions made in a single day and profit is booked. please specify with journal entry

Aditya Maheshwari (Expert)
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06 April 2012 If traded on the exchnage debit the broker credit P & L A/c

Anand Modi (Querist)
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06 April 2012 Do we have to do net a/cing only and not to follow any accounting standard

Aditya Maheshwari (Expert)
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06 April 2012 net accounting only. Accounting on Mark to market basis/

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