Interested to Buy Any Domain ? << Click Here >> for more details...
What is LC?
- 5 Answers
- 8369 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / guest
LC or Letters of credit are used primarily in international
trade transactions of significant value, for deals between a
supplier in one country and a customer in another.
| Is This Answer Correct ? | 9 Yes | 6 No |
Answer / digant
A letter from a bank guaranteeing that a buyer's payment to
a seller will be received on time and for the correct
amount. In the event that the buyer is unable to make
payment on the purchase, the bank will be required to cover
the full or remaining amount of the purchase.
| Is This Answer Correct ? | 4 Yes | 2 No |
Answer / digant
A letter from a bank guaranteeing that a buyer's payment to
a seller will be received on time and for the correct
amount. In the event that the buyer is unable to make
payment on the purchase, the bank will be required to cover
the full or remaining amount of the purchase.
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / ananthreddy
Letters of credit are used primarily in international
trade transactions of significant value, for deals between a
supplier in one country and a customer in another.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / kanwarpal
LC-Latter of credit. lc opened by the customer against
supplier payment in lc due date, when lc opened than
supplier can bring payment from bank with purchase discount
before lc due date but bank debit the lc amount to lc opener
after lc due date, lc opened for 90 days.
| Is This Answer Correct ? | 0 Yes | 0 No |
What is meant by partitioning?
The following transactions relating to ABC Ltd for the month of 20x1 a) Services performed in relation to income recieved in advance total $1500 b)Supplies expense includes $400 of supplies that are still on hand at 30 June c)Interest accrued on the bank loan is 750 d)At the end of june paid rent for 3 months (June, july Aug) $6000 e)Credit sales for the month of June 2009 amounted to $50000. Past expierence shows that around 1.5% of net credit sales are written off as bad debts. XYZ ltd, previously notified ABC ltd that they have gone bankrupt, will be able to pay $1000, which was recieved at the end of the month. The provision of doubtful debt has an opening balance of $800. f) The owners of ABC Ltd wish to revise the balance of the provision of doubtful debts account to $3500. g) Depreciation of one year on the delivary van is $1500. h) On 30 June 2009, ABC Ltd sold an item of equipment for $40000 cash. The cost of equipment was $50000 and had a accumulated depreciation balance of $2000 REQUIRED: Prepare the relevant adjusting journal entries for the month of June 20x2
Explain some of the accrued expenses and the accounts in which you would record them?
What is marginal costing?
What is the mean of capital in account
In the Manufacturing IF QC reject the material. Then where to record rejected material amount.
how calculate intrest on advance tax ? and penalty on vat?
I renders interior Services, consider one project cost Rs.500000/- Scenario 1 - Material purchased on my Firm Name Material - 300000 -300000 On party behalf Labour - 200000 -150000 My expenses for Labour Contracts Profit - 50000 My Profit Scenario 2 - Material purchased by client Labour - 200000 -150000 My expenses for Labour Contracts Profit - 50000 My Profit In both Profit is same Rs. 50000/-. which is beneficial for me in terms of turnover or tax matters. and if I have to raise a bill to party as per both scenario, how it will affect bill and tax, where will I suffer loss?
what is apply SI post
how can i improve my accounting. i want to know make balance sheet so how can i do ?
What is the bank reconciliation and simple explanation of BRS.
what is ccr rate
Audit 
