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what are the transactional entries have to be passed in
Letter of credit
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Answer / ameet narayankhedkar
he issuer of the letter of credit is the financial
institution that issues the letter of credit. Said financial
institution records the letter of credit as being a
contingent liability, meaning that it makes no entry for the
document until it has been exercised. Instead, the financial
institution must disclose in a footnote that it has such
documents outstanding. Once exercised, the entry for them is
an increase to expenses and either a decrease to the
issuer's cash account or the occurrence of a payable on its
part depending on its payment method.
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Answer / ameet narayankhedkar
he issuer of the letter of credit is the financial
institution that issues the letter of credit. Said financial
institution records the letter of credit as being a
contingent liability, meaning that it makes no entry for the
document until it has been exercised. Instead, the financial
institution must disclose in a footnote that it has such
documents outstanding. Once exercised, the entry for them is
an increase to expenses and either a decrease to the
issuer's cash account or the occurrence of a payable on its
part depending on its payment method.
| Is This Answer Correct ? | 0 Yes | 0 No |
What is personal a/c ,real a/c
From the following Trial Balance of Seema Garments as on 31st Dec., 2007, prepare Trading Profit and Loss Account and Balance Sheet: Dr. Rs. Cr. Rs. Opening Stock 15000 Purchases and Sales 109000 180000 Manufacturing Wages 8000 Fuel, Power and Lighting 12000 Salaries 11000 Income Tax 5500 Loan to Mr. X at 10% pa. 5000 Interest on Mr. X’s Loan 300 Apprentice Premium 4500 Rent 4000 Rent Owing 600 Furniture (includes furniture of Rs.1000 purchased on 1st July, 2007) 5000 B/R and B/P 6000 1600 Plant 72000 Debtors and Creditors 28000 13000 Capital 100000 Cash 19500 300000 300000 Informations: 1. Closing Stock was valued at Rs. 30,000. 2. Goodsworth Rs. 5000 was sold on 28th December, but no entry was passed to this effect. 3. Goods costing Rs. 7000 was purchased and included into Stock but no entry was passed to record the purchases. 4. Create a provision of 2% for discount on debtors. 5. Apprentice premium received on 1st January, 2007 was for 3 years. 6. Depreciate the furniture by 10% p.a. 7. Salaries for the month of December, 2007 are still outstanding.
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is we can prepare any account for partnership in tally
entry for outstanding expenses
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