pl. tell me what is escro a/c. what r the accounting entries to be passed for that?
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escro a/c
Replies (2)
(1) A separate bank account for keeping money that is the property of others. Attorneys and real estate agents are required to keep escrow accounts for client money and not commingle client money with their own funds.(2) An accounting entry by a mortgage lender showing the amount on hand from the borrower's monthly budget loan payments to pay real estate taxes and insurance when those bills become due.
To the extent I know in case, of consortium financing Lead bank open such a/c and all other bank and lead bank disburse the advance in that a/c
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