Hi,
With just one post I wanted to demystify bank guarantee doubts globally
Bank Guarantee is not entered in the books of accounts. As per Part 3 to Schedule VI of the Companies Act, 1956, BG should be shown by way of discloser as Contingent Liabilited in Annual Report of the Company. Hence No entry is passed at all.
Txs
Currently Schedule III of the Companies Act 2013 , applicable for financial statements.
Naveen Fintech Pvt Ltd
Kolkata
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CA Suraj Garg & Associates
New Delhi
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