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Bank od

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 June 2014 I need to know whether the LC opened for importing the goods with the bank for rs. 1000 will be entered in the books as bank OD?
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CA UMESH DULAL

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CA UMESH DULAL (Expert)
11 June 2014 It should be treated as contingent liability unless the payment is made.
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Rupesh Jain

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Rupesh Jain (Expert)
12 June 2014 lc charges will book when you make payment and also LC show as notes on balance sheet date and make payment entry when you make payment .
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Querist : Anonymous

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Querist : Anonymous (Querist)
12 June 2014 What will be the payment entry be in the books?

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