Most of the knowledge about futures reserves is found in futures companies. If you work in a futures company, you can learn more about relevant knowledge points. If you don't know, come and study with Deep Space Network.

Can the risk reserve drawn by the futures company be deducted before tax?

Caishui [2009] No.33 stipulates that according to the relevant provisions of (Order No.489 of the State Council) (Order No.42 of CSRC) (Zi [1997] No.44), the risk reserve accrued according to 20% of the fee income collected from members is allowed to be deducted before enterprise income tax when the balance of the risk reserve reaches the relevant provisions.

The risk reserve drawn by a futures company from its net income after deducting the transaction expenses payable by the futures exchange is allowed to be deducted before the enterprise income tax.

Note: The new tax law allows futures companies to deduct the risk reserve within the specified amount before enterprise income tax.

Accounting entries for provision of futures reserves

1. Accept the investment of members and collect the seat occupancy fee.

Accept member investment

Debit: bank deposit

Loan: paid-in capital

Difference: capital reserve

Charge a seat occupancy fee

Debit: bank deposit

Credit: seat fees payable

If the fee is refunded, make the opposite entry.

Step 2 collect the deposit

Collect membership deposit

Debit: bank deposit

Loan: margin payable-settlement reserve

Set aside funds for the opposite entry, and record the interest difference as a financial expense account.

3. Open and closed positions

Open position

Borrow: securities payable-settlement reserve

Loan: margin payable-transaction margin

If you close your position and make a profit

Borrow: member profit and loss

Loan: margin payable-settlement reserve

If you lose money, make the opposite entry.

The trading margin occupied by the liquidation contract shall be transferred.

Debit: margin payable-transaction margin

Loan: margin payable-settlement reserve

4. Actual delivery

Close the delivery contract at the settlement price.

Debit: Payable for delivery-Buyer Member

Loan: delivery of goods

Received the delivery warehouse receipt from the seller member.

Borrow: delivery

Loan: payable delivery-seller's member

Transfer the delivery money to the seller member.

Debit: Payable-Seller Member

Credit: how to deal with the accounting treatment of the deposit payable-settlement reserve to withdraw the unexpired liability reserve? How to make an account?