ghalabawy

 Profile Answers by ghalabawy 

• Feb 6th, 2009

 

1-Debit the account of the applicant with us and credit the bank of the beneficary with the equal money
2-Debit applicant account with us and credit the suspense account with us when the applicant pay for us.

Venkatesh

• Aug 13th, 2012

 

Once the material received the general entry will be

Purchase A/c Dr XXXX
To Supplier (Creditor) A/c Cr XXXXX

When the L/C is opened the entry should be

Supplier (Creditor) A/C Dr XXXXX
To Supplier L/C A/c Cr XXXXXX

When the payment made on the due date

Supplier L/C A/c Dr XXXX
Bank Cr XXXXXX

From: PIPFA

• Aug 17th, 2013

 

LC for Imports !!

You will have to pay LC Margin to Bank . At that time you will have pass this entry !

LC margin with the Bank - ( Advances) - Debit - XXX
Bank - Credit - XXX

When LC is realized ! Bank is going to charge you Commission . Other part is payment against the imports, which is going to be normal entry. If we club both entries, here it is given

LC Commission expense-Debit XXX
Purchases / Stock / Inventory - Debit -XXX
Vendor - Credit - XXX
Bank - Credit -XXX
LC margin with the Bank - ( Advances) - Credit - XXX

any feedback ?? i am pretty sure but still need some one to confirm.

a. kalyanaraman a. kalyanaraman

• Jan 24th, 2014

 

difference between inland lc and foreign lc in accounting journals

Md. Mamun Kabir

• Aug 4th, 2015

 

LC Related all Accounting Solution