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What else can I help you with?
How can you open a LC for Import in Bangladesh?
at first open your business place, than arrange ted licence. then apply to LC for export or Import.
Can third party open LC on seller on behalf of buyer what is the procedure?
A third party can open the LC on the seller. This part of the transaction must be done on behalf of the buyer.
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
What is a LC opening?
what is lc opening?
Can open 1 LC for two shipment?
i am seafood and fruit exporter from pakistanzenith impexnorth nazimabad karachipakistani have buyer in Malaysia wana buy fruit kinoi need lc can u arange for mesyed ali haider
What does LC mean?
lc = learning centre
Difference between Export LC and import lc?
An import LC is one made with reference to the buyer but with an export LC, the LC is changed to that with reference to the Issuing bank. This gives a stronger guarantee of payment to the seller.
What is the journal entry when open a Letter of credit?
Journal Entry - LC & Imports!! You will have to pay LC Margin to Bank. At that time you will have pass this entry! LC margin with the Bank - (Advances) - Debit - XXX Bank - Credit - XXX When LC is realized! Bank is going to charge you Commission. Other part is payment against the imports, which is going to be normal entry. If we club both entries, here it is given LC Commission expense-Debit XXX Purchases / Stock / Inventory - Debit - XXX Vendor - Credit - XXX Bank - Credit - XXX LC margin with the Bank - ( Advances) - Credit - XXX Regards
What exactly means by LC?
LC is Letter of credit
WHEN IS LC REQUIRED?
What do you mean by the term LC and when it is used
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.
