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Letter of credit

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(Querist)
21 December 2013 Can somebody tell the procedure in letter of credit along with the accounting entries.. Thanks in advance..
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
22 December 2013 For how Letter of credit works, refer:

https://banking.about.com/od/businessbanking/a/letterofcredit.htm

with regard to entries, no entry is passed in the books of the company/entity when bank issues LC. Only the entry for fees/commission/interest is passed on periodic basis. entries for liability against bank are made in books if the LC devolves.
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