BANK GAURANTEE JOURNAL ENTRY

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Executive
188 Points Posted on 26 July 2024

COULD SOME ONE HELP WITH OURNAL ENTRY FOR BELOW BG

TENDER AMOUNT :- 10,00,000/-

BG AMOUNT @ 5 %    50,000

BG COMMISION ANNUAL  2.4 %  :-   1200/-

ADD GST 12 % 

FD 25 % OF BG AMOUNT  :- 12500/-

 

PLEASE LET ME NOW THE SEQUENCE  OF JOURNAL ENTRY AND ALSO THE ENTRY ONCE THE BG IS EXPIERED AND THE MARGING MONEY IS REFUNDEDE AND FD IS RELEASED

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On 26 July 2024 at 11:35 Report
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Quick Summary
This discussion seeks guidance on the correct journal entries for a bank guarantee (BG) related to a tender. It covers the initial entry for the BG commission, including GST, and the deposit of margin money via Fixed Deposit (FD). The user also requests clarification on the entries required when the BG expires and the margin money/FD is refunded.

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22 Points Posted on 26 July 2024
For bg commission

bg commision 1200

to bank
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On 26 July 2024 at 13:11
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Executive
188 Points Posted on 29 July 2024

OK WHAT WILL BE BE  ENTRY FOR FD AGAIST BG AND SECONDLY WHEN THE BG EXIPRES AND FD IS RELEASE WHAT WILL BE ENRTY

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On 29 July 2024 at 10:52

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