Journal entries of LC
This query is : Resolved
GUNA PRIYA
(Querist)
03 March 2023
Hi,
i am working in a manufacture industry, we have corporate office , LC's are opening through corporate office on behalf of my plant, so we need to pass inter unit transactions. please advice me entries in this case from opening of LC to closing.
i am working in a manufacture industry, we have corporate office , LC's are opening through corporate office on behalf of my plant, so we need to pass inter unit transactions. please advice me entries in this case from opening of LC to closing.
CA R SEETHARAMAN
(Expert)
03 March 2023
No need to pass any entry for opening LC, it's only contingent liability to be disclosed in the notes on accounts.
Pass entry for opening charges paid to bank.
Pass entry for opening charges paid to bank.
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