How to updated(Control)export L/C Acceptance(Receivables-60 days )?Under which accounts it should be updated?

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Posted by:
Shahbaz Hayder
08-July-2015

Export L/C amount will be credited to our bank once it due in case of acceptance.if we allow60 days L/C acceptance period,then what entry should passed to customer accounts?Debit customer ok what about credit account?

Accounting Accounts Receivable Export

Question added by ABDUL MAJEED KUNNAM PADATH , Chief Accountant , Arab building materials
Date Posted: 2013/06/12

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4 Answers

by Ahmed Lutfi Abu Rasheed , Chife Accountant , Cigalah Trading Est.,

no any JV becouse if due date closin year so your total creditors what should be

normal custmer DR. and sales Cr

but good questions if you are the custmer and you open the lc for other what is the jv

goods on transit DR

SUPP CR

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by ABDUL MAJEED KUNNAM PADATH , Chief Accountant , Arab building materials

I don't know the exact accounting rule or method...but as per my experience,now i open an Account Export L/C Acceptance Receivables Under Trade debtors....So Debit Export L/C Acceptance Receivable and Credit Customer Account....Once L/C Acceptance due and the amount credited in our bank account Then Bank Account Dr and Export L/C acceptance Cr...This is what i do now....Even though i seek any better solution....

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by RAM KRISHNA BANERJEE , DEPUTY GENERAL MANAGER , RAHUL HI RISE LTD

GO FOR AN POST DATED ENTRY CR WITH L/C NO: IN DEBTORS AND BANK A/C DR. POST DATED ENTRY IN BOTH THE CASES WOULD BE BETTER. IAM NOT AN ACCOUNTANT BUT I MAINTAIN IN TALLY.

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