Chetan jumani (ACCOUNTANT) (77 Points)
05 May 2016
HARSHIT SRIVASTAVA
(chartered accountant)
(27 Points)
Replied 05 May 2016
FOR YOU IT DOES NOT METTER AS WHT AWS THE SOURCE OF FUNDING IN RESPECT OF YOUR DUES.
IF YOU RECEIVE THE PAYMENT I YOUR BANK THEN YOU SHOULD GIVE HIM A CREDIT FOR THAT AMOUNT OTHERWISE THE REMAINIG AMOUNT WOULD STAND IN YOUR BOOKS AS IT IT IS. IT HAPPENS WHEN THE CUSTOMER OPENS AN LC FOR USANCE PERIOD IN OUR NAME AND WE GIVE THEM ACREDIT ON THE TRUST OF THE LC ISSUING BANK.
IN THAT CASE ALSO WE DON'T ACCOUNT FOR ANY ENTRY IN OUR BOOKS UNLESS THE PAYMENT IS RECEIVED BY US.
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