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..
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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
30 January 2018
Yes...
But, Explain Yourself for the Credit Note...
But, Explain Yourself for the Credit Note...
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