I'll go through an example of how to record a forward contract on a balance sheet from both the sellers perspective in the buyers perspective. Recognize the final gain or loss on the forward contract.Sign the petition in front of a Notary Public or a Deputy Clerk of the Court. 2. Question: Reference the forward contract Accounts Receivable problem. A forward contract is a customized contract between two parties to buy or sell an asset at a specified price on a future date. Thank the respondent for taking the time out of their busy schedule to fill out the ARMS Phase 3. Administrative Items. The Pima Community College Catalog contains descriptions of the College's programs, courses and academic policies.