Journal entry for cacncellation of BG

This query is : Resolved

Himanshi Aggarwal, CMA (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 November 2019 In case of encashment of bank guarantee submitted by customer, debit bank and credit the customer.

Himanshi Aggarwal, CMA

Himanshi Aggarwal, CMA (Querist)
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29 November 2019 and under which head customer a/c should be created.?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 November 2019 You should know what for BG given.

Himanshi Aggarwal, CMA

Himanshi Aggarwal, CMA (Querist)
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29 November 2019 BG Given against a tender

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 November 2019 why BG encashed..............

Himanshi Aggarwal, CMA

Himanshi Aggarwal, CMA (Querist)
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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

CA R SEETHARAMAN (Expert)
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30 November 2019 No entry in books need to be passed for receipt and return of BG towards security deposit.

Himanshi Aggarwal, CMA

Himanshi Aggarwal, CMA (Querist)
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30 November 2019 Alright Sir thankyou....

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