What is the entry for bank guarantee,
- 7 Answers
- 27567 Views
- Karadi Path, Levtech Consulting, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / lokesh
No Entry will be passed for this situation,
Guarantee use for person information.
| Is This Answer Correct ? | 22 Yes | 5 No |
No entry needed to pass for Bank Gaurantee
| Is This Answer Correct ? | 19 Yes | 5 No |
Answer / kailas c. gade
Liability for acceptance ( BG ) A/c Dr.
Acceptance for Liability A/c Cr.
It is shown in balance sheet as contra entry
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / b.m.rajasekhara rao
Bank guarantees are 3 types 1. Advanced, 2 performance 3. Corporate.
Entry is not required for bank guarantee. It is contingent liability.
It is shown in notes to accounts in year ending balance sheet
If you have given security deposit or fixed deposit against bank guarantee on that time debit to fixed deposit and credit to bank.
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / vinod
A contra entry will be passed on issuing a bank
guarantee.Mostly it will be some what similar to these
CR banks contra
DR Customers Contra
| Is This Answer Correct ? | 6 Yes | 7 No |
Define offset accounting?
Which group shuold be for custom duty?
Who is Sundry Debtor and who is the sundry creditor ?
18 Answers Finance, Home, Reliance,
How to post advance paid to a supplier in oracle jd edwards
Tell me why do you apply for a job of an account executive?
In accounting, vat abbreviates what?
What is BRS? Why BRS?
Bank reconciliation statement
what is the difference between profit and revenue?
sir, i want t know, i got a cheque frm sindhu (that amount i gave her as rent advance, she is returning nw) bt the cheque has cancled and bank take cheque return charges so plz give this journal entries.
a person took Rs. 100000 for 5 years at the rate of 10%.He deposits rs. 10000 in first and second year.Third year he deposits rs 30000, forth year deposits rs 40000. Then final year how much he should deposit?
What are its characteristic features of financial accounting?
Audit 
