Harun-Ar-Rashid (others) (33 Points)
18 June 2010Hi guys,
Please suggest journal entries related to goods purchase by LC (from purchase to sales of those goods which imported by LC) in books of an importer.
A learner
(Corporate Accounts )
(345 Points)
Replied 18 June 2010
1. On opening/requesting LC----------------No entry needed
2. On receiving goods
Purchase Dr.
to Party
3. On payment by bank and on receiving advice
Party
to Bill Discounted/ or any other good name say Bills payable acount or credit bank name here
4. O payment to bank say after 90 days
Bank ( Bills
Lc charges( Iff to be borne by us)
to our bank account
CAclubindia
