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Entry for letter of credit

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 April 2011 dear all i want to know accounting entry in case of letter of credit . my clint has opend a lc for $ 1582000 payment will be made after 2 months. what journal entry to be passed by him now & after 2 months . pls reply
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RAMESH KUMAR VERMA

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RAMESH KUMAR VERMA (Expert)
29 April 2011 Accounting Entry for Goods receipt
Stock/Inventory account Dr
GR/IR account Cr
Freight clearing account Cr

FOR MORE INFORMATION LINK IS :-
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RAMESH KUMAR VERMA

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RAMESH KUMAR VERMA (Expert)
29 April 2011 https://www.caclubindia.com/share_files/export-import-accounting-entries-37679.asp
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