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what is the Journal entry for BANK GUARANTEE given by a bank
for our company? Giv an example.
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Answer Posted / revathy
when a party fails to make a payment to its debtor,the bank takes the risk to make the payment on behalf of the said party. This is called bank guarantee.But against the bank guarantee given by bank, the bank asks for an FD from the party which is pledged. No bank agrees to take a risk for someone without something assured from them.
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