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Bill discounting entries

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 January 2014 Dear Sir
Is is correct to show bill discounting facility a company enjoys with bank as contingent liability. Or whether it is a confirmed liability.?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
09 January 2014 It is not contingent liability.

Incase under that facility you have already discounted the bills, then it is confirmed liability

under that facility not discounted anything , then no liability

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