Bank guarantee accounting treatment
Querist : Anonymous
what will be the accounting treatment of it.
off to Profit and Loss account on
mercantile basis.
2. The amount of expenses paid for a period
falling in the next accounting year may
be treated as Prepaid Expenses.
3. Bank Guarantee is a Non funded facility
and the same may be invoked on the
happening of certain event, as such, it
is contingent in nature. A note should
appear under the head 'Contingent
Liabilities' giving the details and the
maximum amount involved.
Hope query resolved.
Now Cheers
Querist : Anonymous
I have one more query in this issue
Person A taken a bank guarantee on FDR / property of person B for giving it to a govt. department.
What will be accounting treatment in this case.
KINDLY REPLY
Click here to login now
Similar Resolved Queries
- Reward for festival
- 18% Rent a cab
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Movement of goods by packers and movers - type of sale - Reg.
- TDS Return Statement Status
- Closer of business and itc of capital goods
- ARCA LOGIN
- RCM and same line
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
