Hi,
I want to know how to make an entry for EMD with MSTC for participation in bidding. it is a form of token money. Security deposit is always non refundable in nature. This amount will be forfeited if we are not able to lift 90% of alloted quantity..
dear sona,
u r question is not clear u r saying that it is non-refundable and at the same time it will be forfeited if not lifted giving a meaning that it is refundable if lifted.
it it is refundable it will be kept under emd grouping under current assets or otherwise it will be passed to suppliers ledger.
regards,
ram narayana agnihotram
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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