BG issued on 23.09.2021, Expiry Date:22.09.2022, Claim period expiry Date: 22.09.2023, Original BG applicant returns on 15.06.2023.
Commission upfront collected till 22.09.2022(till BG expiry date), now how long commission to be collected? means shall 23.09.22 to 15.06.23 commission be collected?
3 Replies
sabyasachi mukherjee
(27574 Points)
Replied 15 December 2023
Update the bg , post critical issues of bf
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 16 December 2023
Bank Guarantee is not entered in the books of accounts. As per Part 3 to Schedule VI of the Companies Act, 1956, BG should be shown by way of discloser as Contingent Liabilities in Annual Report of the Company. Hence No entry is passed at all.
BG has no commission purview. if your banker agent contacted you saying ill get your job done for commission, report it as
dr. commission expense
cr. cash/bank
you can also amortize the commission.
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