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

XYZ Fund had the following trades in ABB in the futures market. The stock exchange requires that a margin of 20 percent of the value of the contract be maintained throughout the life of the contract.

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Date Product Expiry Quantity Rate (AUD) B/S Brokerage 22-Feb-07 25-Apr-07 -1,700 45 S 320 18-Mar-07 25-Apr-07 -1,400 50 S 350 13-Apr-07 25-Apr-07 2,000 43 B 400 25-Apr-07 25-Apr-07 1,100 42 Expiry Date FX Rate 22-Feb-07 1.18182