Input credit of jun month bill in may by mistake
This query is : Resolved
28 July 2018
I have took input credit of jun month bill in may by mistake now will i have to pay penalty with interest on this.
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28 July 2018
Reverse the ITC and pay the interest.
28 July 2018
Interest at 24% p.a.
30 July 2018
Dear Sir,
kindly clear the doubt of insurance paid for (jul.18 to jul.19) how will get journal entry of this.
kindly clear the doubt of insurance paid for (jul.18 to jul.19) how will get journal entry of this.
30 July 2018
Divide the insurance for the current financial year and next financial year and make entry as below:
Dr Insurance expenses (current year) xxxxx
Dr Prepaid Expenses (next financial year) xxxxx
Cr Insurance company xxxxx
Note: Prepaid expenses under current assets side
Dr Insurance expenses (current year) xxxxx
Dr Prepaid Expenses (next financial year) xxxxx
Cr Insurance company xxxxx
Note: Prepaid expenses under current assets side
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