Journal entry for cacncellation of BG
This query is : Resolved
Himanshi Aggarwal, CMA
(Querist)
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
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
CA R SEETHARAMAN
(Expert)
29 November 2019
In case of encashment of bank guarantee submitted by customer, debit bank and credit the customer.
Himanshi Aggarwal, CMA
(Querist)
29 November 2019
and under which head customer a/c should be created.?
CA R SEETHARAMAN
(Expert)
29 November 2019
You should know what for BG given.
Himanshi Aggarwal, CMA
(Querist)
29 November 2019
BG Given against a tender
CA R SEETHARAMAN
(Expert)
29 November 2019
why BG encashed..............
Himanshi Aggarwal, CMA
(Querist)
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.
CA R SEETHARAMAN
(Expert)
30 November 2019
No entry in books need to be passed for receipt and return of BG towards security deposit.
Himanshi Aggarwal, CMA
(Querist)
30 November 2019
Alright Sir thankyou....
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