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what are the transactional entries have to be passed in
Letter of credit
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Answer / ameet narayankhedkar
he issuer of the letter of credit is the financial
institution that issues the letter of credit. Said financial
institution records the letter of credit as being a
contingent liability, meaning that it makes no entry for the
document until it has been exercised. Instead, the financial
institution must disclose in a footnote that it has such
documents outstanding. Once exercised, the entry for them is
an increase to expenses and either a decrease to the
issuer's cash account or the occurrence of a payable on its
part depending on its payment method.
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Answer / ameet narayankhedkar
he issuer of the letter of credit is the financial
institution that issues the letter of credit. Said financial
institution records the letter of credit as being a
contingent liability, meaning that it makes no entry for the
document until it has been exercised. Instead, the financial
institution must disclose in a footnote that it has such
documents outstanding. Once exercised, the entry for them is
an increase to expenses and either a decrease to the
issuer's cash account or the occurrence of a payable on its
part depending on its payment method.
| Is This Answer Correct ? | 0 Yes | 0 No |
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