Accounting entries

Sarveena (-) (26 Points)

05 August 2011  

1. Kindly guide what are the Accounting entries to be passed in the books of Indian Importer on availing buyers / supplier's credit facility from their banks. Also as Supplier's Credit is  a deffered Payment what accounting entries to be passed for the it.

2. Accounting Standards applicable for short term borrowings like buyers / supplier's credit in the books of Importer of the goods in India