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Is the drawee banker require the acceptance of applicant for payment of sight LC?
no
What is the meaning of lc?
Letter of Credit payment
What is the meaning of LC payment?
Letter of Credit payment
What is LC DA DP TT payment options?
LC = Payment thru Letter of Credit DA = Payment against acceptance DP = Payment against receipt of document TT = Telegraphic transfer
What is the difference between LC and DA?
DA mean documents against acceptance, where company give acceptance to pay their liabilities on due date, but he can pay remit the DA before its due date , but in case of Letter of Credit, UCP are not allowed to pay the LC liabilities before its due date. Thanks Anup Das
What are the necessary journal entries passed while opening the letter of credit?
The following entries you can pass while opening LC's. You can open a control account to maintain how many LC's are opening and settling Example ABC company establishing an LC on the Supplier XYZ company for $ 300,000 in SCT Bank You can open a control account to keep the track of all your LC Transactions is that is opening and closing First Entry: XYZ Company Dr $ 300,000 to SCT Bank LC Establishing Account $300,000(Control Account) Being LC establised in the SCT Bank Second Entry: When you accept the LC ( Liability) that means your goods reached your port and bank send you documents arrival advice SCT Bank LC Establishing Account $ 300,000 (Control Account) SCT Bank LC Acceptance Account $ 300,000 (Liability Created) Third Entry: SCT Bank LC Acceptance Account Dr $ 300,000 To SCT Bank Account (Amount Settled to Party) Fourth Entry Purchase A/c Dr $ 300,000 XYZ Company $300,000 First entry you debited Xyz Company and Fourh Entry you Credited First Entry You Credited SCT Bank LC Establishing Account and Second Entry you credited Second Entry you credited LC acceptance account and Third entry you debited Fourth Entry you Debited purchases and Credited Bank that means your total LC recorded from the opening to settling.
What is the meaning of LC in accounting?
LC Means letter of Credit. It is a negotiable instrument to make payment through bankers of both parties, i.e. Payer & Payee
What is negotiation of documents under LC under reserve?
The documents presented under a documentary credit are scrutinized as per the International standards of scrutiny and negotiated if they strictly comply with the LC terms. This is called a clean negotiation. On the other hand if the documents do not comply with the LC terms and discrepancies are found, the negotiating bank may still opt to give value under the LC by paying or incurring a deferred payment obligation as per LC provided the beneficiary undertakes to indemnify the negotiating bank in the event of rejection by the LC opening Bank. This is technically called a payment under reserve. The Reserve will be lifted on acceptance of discrepancies by the LC opening Bank.
What is the meaning of LC XC NI KA on the criss angel's fingers?
Jesus Christ, Conqueror"
What are the ratings and certificates for BoTTom The True Meaning of Love and Acceptance - 2012?
BoTTom The True Meaning of Love and Acceptance - 2012 is rated/received certificates of: USA:Approved
What does LC stand for in LC connector?
LC stands for Lucent Connectors
What is a Usanse LC?
LC for 30,60,90,or 120 days is called Usanse LC
