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what is the Journal entry for BANK GUARANTEE given by a bank
for our company? Giv an example.
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Answer Posted / kevin makwana
Bank Guarantee is not entered in the books of accounts. As per Part 3 to Schedule VI of the Companies Act, 1956, BG should be shown by way of discloser as Contingent Liabilited in Annual Report of the Company. Hence No entry is passed at all.
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