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Input credit of jun month bill in may by mistake

This query is : Resolved 
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(Querist)
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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Udaya Chandran

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Udaya Chandran (Expert)
28 July 2018 Reverse the ITC and pay the interest.
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sachin

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sachin (Querist)
28 July 2018 At what percentage.
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Udaya Chandran

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Udaya Chandran (Expert)
28 July 2018 Interest at 24% p.a.
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sachin

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sachin (Querist)
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.
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Udaya Chandran

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Udaya Chandran (Expert)
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
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