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Jounal entry for bank guarantee.

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 December 2018 A firm has got Bank guarantee issued by bank for purchasing goods.pls guide journal entries?. Also whether creditor account will be credited on receipt of goods?.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
29 December 2018 No accounting entry need to be passed for receipt of bank guarantee. Yes creditor account will be credited on receipt of goods.
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Querist : Anonymous

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Querist : Anonymous (Querist)
07 March 2019 Thanx sir.
Regards.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
07 March 2019 Welcome..........

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