Commission on opening LC
This query is : Resolved
03 July 2009
We are importing a machinery. For that an LC have been opened and our bank have debited our CC account with Rs. 100900/- commission. What should be accounting treatment of that commission? Revenue or capitalised to Machiery?
Please answer, its important.
Please answer, its important.
03 July 2009
In my opinion, it should be capitalized and also the interest earned from the fixed deposit kept for opening the LC, if any, should be deducted.
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