About Nifty and Future & option

This query is : Resolved

meetmb (Querist)
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20 July 2009 Dear Sir,
My Name is Meet.I'm working in Private Limited company.So,Sir I wants to know how to maintain F&O Accounting in Tally.I Do each and every transaction entered or only Profit & Loss Transaction.

CA ABHISEK KUMAR SINGHANIA

CA ABHISEK KUMAR SINGHANIA (Expert)
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21 July 2009 Its very easy.
You open the f&o a/c in the name of the respective broker thru which the share transactions taking place.
Open Purchase of F&O and sale of F&O A/c also.
Open brokerage,stamp duty on F&O and other related expenses a/c also.
At last charge the balance in Profit /loss on F&O A/c.
And then check the amt of P/L with the contract note and ledger related to contract note provided to you.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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23 July 2009 Alternatively,
1. For Option Premiums paid you debit Option Premium A/c(Direct Expenses or Direct Income) When Options are sold you credit it.
2. For Futures-
A. Open Marked to Market Margin A/c or M2M-xxxxxx A/c for corresponding Futures not settled intra-day.
B. Dr/Cr the a/c from Daily Contract notes for M2M till these are settled.
C. On the day also, when the respective future is settled, Dr/Cr the M2M A/c. Tfr this balance to Profit on Derrivatives A/c.
D. For Intra-Day Directly Dr/Cr the Profit on Derrivatives A/c.
E. Other Expensese A/c , as you require, may be opened like stt, stamp duty or put all exp together in Mis. F&O Expenses A/c

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