On the same day, Asian Fund converted $500,000 into SGD at 1.45.

There was a margin call on March 4 and Asian Fund decided to make a deposit of SGD500,000 in the margin account on that date. Valuation dates are month ends. Prepare journal entries, general ledgers, trial balance, income statement, and balance sheet as of March 15, when the interest on margin account is also computed.

Transcribed Image Text:

Date Expiry Quantity Rate Long/Term Brokerage (SGD) 26-Feb-X1 5-Mar-X1 15-Mar-X1 15-Mar-X1 12,000 SGD 55 Long 1,200 4,500 SGD 48 Partial Termination 450 Date Market Price FX Rate 26-Feb-X1 55 1.47 27-Feb-X1 54 1.46 28-Feb-X1 55 1.45 1-Mar-X1 52 1.46 2-Mar-X1 50 1.471 5-Mar-X1 49 1.49 6-Mar-X1 50 1.50 7-Mar-X1 51 1.54 8-Mar-X1 52 1.57 9-Mar-X1 53 1.521 12-Mar-X155 1.51 13-Mar-X157 1.55 14-Mar-X1 59 1.57 15-Mar-X158 1.54