CA Devender Chauhan (Group Financial Accountant) (1526 Points)
30 July 2011How to do the accounting for forward contracts.
only diff amount on maturity (ie profit or loss) to be shown in the books, or all the transactions since the date of booking to be shown.
In my opinion only difference amount is to be booked. Plz clarify.
kapil purohit
(CA)
(21 Points)
Replied 27 April 2012
in the books of client , you have to open two accounts 1. Mark to margin a/c & 2. Loss on settlement account When you paid any amt relating to differance between open & close the session than debited / Credit to margin a.c & credit to bank/ advances & on the settlement or squaring up profit & Loss adjusted to margin account
CAclubindia
