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My company was granted a bank facility of 750,000 for
guarantee, performance bond, advance payment, retention
guarantee and 100,000 bank overdraft. These facility amount
was never added to the company account.
a. What is the entry?
b. Lien over fixed deposit for 50,000 to be brought upfront
c. Lien over gradual buildup for fixed deposit 50,000 by
transferring 10,000 monthly from customer's account to
separate call account.
d. After a month, we had an overdraft of 22,000. What will
be my entry?
e. After 3 months, we have a construction project and was
asked for advance payment of 24,000 with a 25% margin?
f. Another company asked for performance bond of 44,200
with 25% margin.
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ABC LTD IMPORTED GOODS FROM USA FOR $20000 ON 1/1/11 AT A EXCHANGE RATE OF RS.47.55. THEY MADE A PAYMENT OF $12000 ON 15/1/11 AT A RATE OF RS.45.95. BALANCE PAYMENT WAS MADE ON 25/1/11 AT A RATE OF RS.49.10
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