Explain Letter of Credit. Procedures for opening an LC. Accounting Entries for LC?

Question added by KRISHNA KUMAR MADHAVAN PILLAI , Senior Accountant , Al Saqr Property Management LLC
Date Posted: 2015/01/12

Upvote (0) Views (6) Followers (1) Answers (1) Report Question

by Md karimul habib Ansari , International sales & Export , Pie India Corporation

LC is an instrument for assured payments. it is an undertaking of the issuing bank to make the payment to beneficiary against Documents stated in LC

What is the meaning of notes payable? What are the accounting entry for it?
Top Answer: <p>Notes payable is an instrument, It is written promise for a stated amount in the Notes for a fut ... See More

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The correct journal entry to reconcile an NSF check returned by the bank is:
Top Answer: C ######################£#### See More

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XYZ Company had the following account balances at December 31:
Top Answer: Answer option >>>>>>>> D >>>>>>>>>>> $35,00 ... See More

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What is the difference between the letter of guarantee and standby?
Top Answer: Standby LC was originally created in the USA who refused to deal with Guarantee product of Tradefinace be ... See More

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