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Journal entry for cacncellation of BG

This query is : Resolved 

29 November 2019 Hello Experts,
Please tell me,how should i pass journal entry if amount is credited in the bank on cancellation of Bank Guarantee..Which A/C should be credited and under which head.?

Thankyou

29 November 2019 In case of encashment of bank guarantee submitted by customer, debit bank and credit the customer.

29 November 2019 and under which head customer a/c should be created.?




29 November 2019 You should know what for BG given.

29 November 2019 BG Given against a tender

29 November 2019 why BG encashed..............

30 November 2019 Initially BG given as a security deposit to the party for a Tender and after completing Tender BG amount is returned from the concerned party.

30 November 2019 No entry in books need to be passed for receipt and return of BG towards security deposit.




30 November 2019 Alright Sir thankyou....



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