F&O Accounting and Audit
This query is : Resolved
29 April 2022
Dear Friends, In F&O Transaction how to calculate turnover and how to account F&O transaction in books of accounts. If it comes under tax audit what amount as a turnover needs to specify in Ratio calculation part.
29 April 2022
The sum total of gains and losses of all F&O transactions in a financial year is the turnover.
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30 April 2022
Turnover for F & O is total of profit+ total of loss (in positive value )+ sale value. Audit is compulsory if turnover is above 10 crores but you have to compulsorily declare 6% of turnover as profit.
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07 May 2022
Dear Madam/Sri, I don't want to declare 6% profit. I want to audit. In 3CD form what turnover need to be entered.
F&O turnover in my case-1.3 crore
profit on sale of f&o - 2005282.8
Loss on sale of f&o - 1883766.7
Total profit earned - 121516.10
In tally how to made entry. All purchase and sales need to enter or profit and loss on sale of f&o only need to enter?
F&O turnover in my case-1.3 crore
profit on sale of f&o - 2005282.8
Loss on sale of f&o - 1883766.7
Total profit earned - 121516.10
In tally how to made entry. All purchase and sales need to enter or profit and loss on sale of f&o only need to enter?
07 May 2022
Enter only profit and loss on sale of f&o.
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08 May 2022
Your turnover will be 16889050/-
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09 May 2022
No, your turnover is 38,89,048 sum of profit and loss.
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09 May 2022
The turnover in case of F&O transaction to be computed as below:
(i) The total of favourable and unfavourable differences (Profit/Loss) shall be taken as turnover.
(ii) Premium received on options
For example you buys 100 units of Futures @ Rs 200 and sells at RS 210. Also buys 200 units of options @ Rs 300 and sells at Rs 290.
This is how his turnover would be determined:
Particulars Calculation Amount
Profit on sale of Futures /100 * 10 / 1 Thousand
Loss on sale of Options /200*10 / 2Thousand (negative ignored)
Premium on sale of options /200*290 / 58Thousand
Total Turnover 61Thousand
(i) The total of favourable and unfavourable differences (Profit/Loss) shall be taken as turnover.
(ii) Premium received on options
For example you buys 100 units of Futures @ Rs 200 and sells at RS 210. Also buys 200 units of options @ Rs 300 and sells at Rs 290.
This is how his turnover would be determined:
Particulars Calculation Amount
Profit on sale of Futures /100 * 10 / 1 Thousand
Loss on sale of Options /200*10 / 2Thousand (negative ignored)
Premium on sale of options /200*290 / 58Thousand
Total Turnover 61Thousand
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09 May 2022
Here the turnover is 3000 and net loss on option trading is 1000.
Where is the premium trading given.
Where is the premium trading given.
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