Interest on delayed payment

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Nikunj (Querist)
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08 December 2009 hi friends

whenever supplier charges interest on delayed payments to buyer, correct treatment of it as operating income or non-operating income?

As per suggest correct opinion as per AS-9

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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08 December 2009 It is non-operating income as the firm is not engaged in finance activities.

AS-9 says about only recognition of income and not the operating or non-operating income.

For operating and non-operating income; please refer AS-3 Cash Flow Statement.

Ca Surendra Rakhecha
Surat

CA CHINTAN AJMERA

CA CHINTAN AJMERA (Expert)
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08 December 2009 Agre with expert

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