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Write journal entry deposit on future contract

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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.

Reference no: EM132959961

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