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What is the entry for bank guarantee,
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Answer Posted / 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.
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