Bank guarantee
This query is : Resolved
Ravi Jhamb
(Querist)
21 August 2011
We made lot's of Bank Guarantee for different project. i wanna know wat's the treatment of Bank Guarantee. Kindly explain step by step
1. We book all expense of guarantee for their project in cost centre.
2. The bank kept 15% margin for surender amount of BG.We transferred in bank to margin.
my query is that it is based on future based period for 2 or 3 years. so why do they consider all expenses in same year.
1. We book all expense of guarantee for their project in cost centre.
2. The bank kept 15% margin for surender amount of BG.We transferred in bank to margin.
my query is that it is based on future based period for 2 or 3 years. so why do they consider all expenses in same year.
CMA Ramesh Krishnan
(Expert)
21 August 2011
you need to maintain one proper Bank guarantee register, which contains details like
1. BG No
2. BG Favoring
3. Bank Name
4. BG nature (financial or performance bg
5. BG Project cost center
6. BG value
7. BG margin money paid
8. BG charges paid
9. BG Validity
10. BG expiry date
In this only margin money & charges having finance effect and entry other need to be maintain details purpose
1. BG No
2. BG Favoring
3. Bank Name
4. BG nature (financial or performance bg
5. BG Project cost center
6. BG value
7. BG margin money paid
8. BG charges paid
9. BG Validity
10. BG expiry date
In this only margin money & charges having finance effect and entry other need to be maintain details purpose
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