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Lc accounting

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(Querist)
02 September 2011 please help me with accounting treatment of LC in books of buyer.
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U S Sharma

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U S Sharma (Expert)
02 September 2011 on the date of opening the LC

LC margin a/c dr
Bank charges a/c dr
to Bank a/c


on the date of payment of LC

Seller a/c dr
to L/C margin a/c
to Bank a/c
to Bank charges a/c

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