MARGIN ON GUARANTEE
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 October 2010
DEAR SIR
I TAKE ONE L/G FROM BANK RS.20000/- AND BANK DEDUCTED FROM US RS.21000/ AND MARGIN STATEMENT FROM BANK SHOWING RS.21000/- BUT L/G SHOWING ONLY RS.20000/-
SO THE ENTRY MUST BE
MARGIN ON GTEE DR RS.1000/-
L/G DR RS.20000/-
TO
BANK RS.21000/-
THIS ENTRY IS RIGHT OR NOT PLEASE HELP ME
I TAKE ONE L/G FROM BANK RS.20000/- AND BANK DEDUCTED FROM US RS.21000/ AND MARGIN STATEMENT FROM BANK SHOWING RS.21000/- BUT L/G SHOWING ONLY RS.20000/-
SO THE ENTRY MUST BE
MARGIN ON GTEE DR RS.1000/-
L/G DR RS.20000/-
TO
BANK RS.21000/-
THIS ENTRY IS RIGHT OR NOT PLEASE HELP ME
25 October 2010
First you be clear , what is the correct transaction amount, bankers charge BG charges, and keep the margin amount as deposit which is relaesed after the guarantee period.
Entry should be
Bank charges Dr 1000
Deposit against BG 20000
To Bank A/c 21000
Entry should be
Bank charges Dr 1000
Deposit against BG 20000
To Bank A/c 21000
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