Can anyone please tell me the accouting entry for a bank issuing Letter of Understanding for trade credit in terms of buyers credit
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Letter of Understanding
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There will not be any entry on issuing the letter. Because only on the issuing the letter the transaction doesnot take place. The entry will be done when the transaction is effected. However, on issung the letter, the entry can be made for the charges paid to the bank for the letter.
I want to know from the banks point of view
off balance sheet entry
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