Can anyone please tell me the accouting entry for a bank issuing Letter of Understanding for trade credit in terms of buyers credit
Can anyone please tell me the accouting entry for a bank issuing Letter of Understanding for trade credit in terms of buyers credit
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.
off balance sheet entry
Rahul Dang & Associates-Chartered Accountants
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CMNITY HIRE
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