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On 1 June 2017, TomTom Ltd made an initial cash margin deposit of $30,000 with its broker. On the same day it sold five (6) "October 2017 SPI 200 futures contracts", each unit is valued at $25.
The relevant prices for 2016 are as follows:
Date 1 June 30 June 31 July
Market price of SPI futures 1400 1408 1383
Market price of shares $175,000 $176,560 $169,000
Required:
Journal entries
Problem 1. Write journal entry deposit on future contract
Problem 2. Calculate loss or gain between two dates and record journal entry
Problem 3. Calculate again loss or gain and record and close the future contract.
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