10 June 2016
Our society paid Rs.10590/- under sec 234 E. I have created a Ledger " Fine & Penalty" under Current liability. and paid by cash. On BS it is showing debit balance is there any error in my entry. Kindly reply how to enter the same in tally.
10 June 2016
it is showing debit balance since you grouped it under balance sheet item (current liability) you can change the group to expenses, so that it can be debited to income and expenditure (Profit & Loss account)
CAclubindia
