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accounts for import and export

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 January 2011 please let me no how to make entry for letter of credit transactions in the books
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
20 January 2011 Letter of credit is the method payment to supplier, once you receive the goods, normal purchase entry need to be passed and liability need to created. While LC opening no entry is required in the books, entry need to be passed only after the receipt of goods and Bill of exchange raised by the party.

Dr: Creditor
Cr: LC Liability ( only BOE value)

on BOE due date bank will make the payment that time

Dr:Lc Liability
Cr: Bank
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