A company "ABC Ltd" requested its bank to issue Bank guarantee in favour of supplier for purchasing stock. The bank issues the BG.
what entries will be passed by the company ABC Ltd in it's books.
Thnx.
Bank guarantee is a disclosure i think
Do you think letter of credit is also a financial instrument. Its a contract. Ok ill check as principles tomorrow. Financial guarantees are differeny from but similar to bank guarantee.
https://www.rbi.org.in/commonperson/English/Scripts/Notification.aspx?Id=318
It is contingent in nature. Soike i guessed, its a disclosure or do nothing. Search google or caclub here cause i remember reading abojt it once. Im busy searching for jobs bye
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