What is LC?
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Answer / guest
LC or Letters of credit are used primarily in international
trade transactions of significant value, for deals between a
supplier in one country and a customer in another.
| Is This Answer Correct ? | 9 Yes | 6 No |
Answer / digant
A letter from a bank guaranteeing that a buyer's payment to
a seller will be received on time and for the correct
amount. In the event that the buyer is unable to make
payment on the purchase, the bank will be required to cover
the full or remaining amount of the purchase.
| Is This Answer Correct ? | 4 Yes | 2 No |
Answer / digant
A letter from a bank guaranteeing that a buyer's payment to
a seller will be received on time and for the correct
amount. In the event that the buyer is unable to make
payment on the purchase, the bank will be required to cover
the full or remaining amount of the purchase.
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / ananthreddy
Letters of credit are used primarily in international
trade transactions of significant value, for deals between a
supplier in one country and a customer in another.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / kanwarpal
LC-Latter of credit. lc opened by the customer against
supplier payment in lc due date, when lc opened than
supplier can bring payment from bank with purchase discount
before lc due date but bank debit the lc amount to lc opener
after lc due date, lc opened for 90 days.
| Is This Answer Correct ? | 0 Yes | 0 No |
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4 Answers Chartered Accountant,
is we should taken the cl or op. stock in trail balance
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