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bank processing charges-2

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 July 2010 Hi
Respected Members

Can any one tell me if suppose we goes for loan and some processing charges are made by bank then where will such charges should be shown in financial statments, whether in profit and loss account or balance sheet?
and in which head?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
08 July 2010 should be shown as bank charges under indirect expenses in profit & loss account.
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
09 July 2010 Agreed with Experts . Bank Charges will be shown under sub group Finance Expenses group Indirect Exp.
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Shudhanshu Agrawal

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Shudhanshu Agrawal (Expert)
09 July 2010 yeah agreed with the experts. Moreover these charges can not be capitalized. In the Income Tax also they will be considered as revenue expenditure.
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