what are the transactional entries have to be passed in
Letter of credit
- 2 Answers
- 5167 Views
- Optimus, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
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 |
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 |
what will be the entry for credit purchases with discount
HOW DO PREPARE CASH FLOW
how i will pass the journal entry for the shipping charges
Any income which is earned in the current financial year (2009-10) but received in the assessment year(2010-11) wil be taxable in the current financial year or not?
Cello pen gross value is 935.89 for 12 nos 14.5% tax
What is the difference between the service organisation and trading organisation
what is the treatment for employee contribution and employer contribution in in pf in accounts under which head??
HOW DOES THE ROLE OF THE MANAGEMENT ACCOUNTANT COMPLIMENT THAT OF THE FINANCIAL ACCOUNTANT
Hi, I want to know whether PF Deduction is applicable if the CTC Is Rs.7000/-PM. We already deducted ESI On Gross Salary (1.75%). Whether PF Is applicable in this?Employee & Employer?
Please answer me for the followings 1. i taken an office on January @ rent 28000.00 for one year and i paid 14000.00 as first payment balance will be paid on august. in tally how we post this and under which account especially balance 14000.0 under which account. 2.i have taken a loan from mr. A the amount is 100000.00 on January and the interest i need to pay on march 21000.00 the interest which iam going to pay is liability not a expense and it will be a expense in future, how we can post this also in tally and under which account. please somebody guide me who knows regards niyas es
what are the voucher entries of gratuity in tally
what is asset in accounting
Audit 
