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For the following scenario, prepare journal entries, general ledgers, trial balance, income statement, and balance sheet: AA

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For the following scenario, prepare journal entries, general ledgers, trial balance, income statement, and balance sheet:

AA Fund had the following trades in ABC in the futures market. The stock exchange requires that a margin of 30 percent of the value of the contract be maintained throughout the life of the contract.

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Date Product Expiry Quantity Rate (JPY) B/S Brokerage 29-Jan-07 25-Apr-07 1,000 800 B 530 15-Mar-07 25-Apr-07 1,500 820 B 520 10-Apr-07 25-Apr-07 -1,600 845 S 300 25-Apr-07 25-Apr-07 -900 850 Expiry Date FX Rrate 1-Jan-07 123.805 29-Jan-07 124.850 31-Jan-07 125.705 28-Feb-07 124.805 15-Mar-07 125.705 31-Mar-07 125.205 10-Apr-07 124.235 25-Apr-07 124.569 Date Market Price 31-Jan-07 750 28-Feb-07 770 31-Mar-07855 25-Apr-07 857

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Gabriela Rosalía Castro
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Accounting For Investments Equities Futures And Options Volume 1

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