Accounting treatment of demurrage charges
This query is : Resolved
27 January 2018
Sir,
Can demurrage charges be booked by passing a credit note along with GST? or to be just treated as Expense and transfer to expense ledger without any affect on service tax amount?
Please do the helpful,
Regards,
Kiran
Can demurrage charges be booked by passing a credit note along with GST? or to be just treated as Expense and transfer to expense ledger without any affect on service tax amount?
Please do the helpful,
Regards,
Kiran
28 January 2018
The Party is registered then charge GST. In case unregistered then no need to charge GST..
Message likes :
1 times
29 January 2018
Sir,
Please clarify that whether demurrage charges can be booked as expense or only credit note to be passed?
Regards,
Kiran
Please clarify that whether demurrage charges can be booked as expense or only credit note to be passed?
Regards,
Kiran
29 January 2018
Demurrage charges are expenses.
Message likes :
1 times
29 January 2018
Madam,
What is the correct treatment of demurrage charges, whether credit note has to be passed or to be simply to be booked as expense and transfer to P&L or Both ?
Please do the helpful
Regards,
Kiran.
What is the correct treatment of demurrage charges, whether credit note has to be passed or to be simply to be booked as expense and transfer to P&L or Both ?
Please do the helpful
Regards,
Kiran.
29 January 2018
Both the treatment is not possible as it will result in double effect.
Message likes :
1 times
29 January 2018
Madam,
I mean whether both the treatments are correct individually not combinely?
Please clarify the same
Regards,
Kiran
I mean whether both the treatments are correct individually not combinely?
Please clarify the same
Regards,
Kiran
29 January 2018
In my opinion demurrage charges are expenses. Combined effect cannot be given. You need to give individual effect to it.
29 January 2018
Yes...
You can booked in expenses...
You can booked in expenses...
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Intimation under section 245
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Gift to nri relatives residing in usa
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
