Hi guys,
Please suggest journal entries related to goods purchase by LC (from purchase to sales of those goods which imported by LC) in books of an importer.
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Journal entries related to LC (from stand point of importer)
Replies (1)
1. On opening/requesting LC----------------No entry needed
2. On receiving goods
Purchase Dr.
to Party
3. On payment by bank and on receiving advice
Party
to Bill Discounted/ or any other good name say Bills payable acount or credit bank name here
4. O payment to bank say after 90 days
Bank ( Bills
Lc charges( Iff to be borne by us)
to our bank account
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