I wanted to know the meaning of "Usance Period" used in case of Letter of Credit.
I also wants to know the exact accounting entry to be passed in case of LC transaction.
CA Saurabh J. Makwana (Assistant Vice President at SBI) (44 Points)
27 January 2011I wanted to know the meaning of "Usance Period" used in case of Letter of Credit.
I also wants to know the exact accounting entry to be passed in case of LC transaction.
sudheer
(CA.Student )
(100 Points)
Replied 27 January 2011
Hello sir, " Usance Period means the period of time Permitted by Commerical Usage for the payment of a Bill Of Exchange( ESPECIALLY a Foreighn Bills of Exchange)"
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