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Question: what you mean by Letter of Credit (LC)? Accounting Prepration of Letter of Credit
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It is a mode of settlement of financial transcations between seller & buyers of differrent countries
A bank or other financial institution agrees to make payment(s) on behalf of the buyer or issue of debt so that credit risk the seller or bondholder deals with is that of the Bank and nothing else. In the case of debt, a bank issuing the LOC will make all payments on the bonds to bondholders as opposed to the entity issuing the bonds.