What is the accounting treatment of LC/BG in the book of bank?
Also include. 1. Margin
2. Commission
3. Interest paid to applicant
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Accounting treatment of lc/bg in the book of bank
Replies (1)
Accounting
Constituents liability for Acceptance, Endorcement and other obligation(Asset) Dr.
To Acceptance, Endorcement and other obligation(liability) A/c.
In BS it is appeared in Schedules(notes to accounts) as Contingent Liability.
Constituents liability for Acceptance, Endorcement and other obligation(Asset) Dr.
To Acceptance, Endorcement and other obligation(liability) A/c.
In BS it is appeared in Schedules(notes to accounts) as Contingent Liability.
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