Interest on delayed payment of esi contribution
This query is : Resolved
16 December 2019
Ours is pvt ltd company. There was a delay in payment of esi contribution for Apr'12 to Jul'12 & Apr'15 for which an interest amount of Rs.1912 has been incurred till date. We want to pay the same. What would be the journal entry for payment of the same.
16 December 2019
The entry would be : Interest Debit & Bank account Credit.
But the auditors may not accept and this is prior period expenses . Then suggested entry would be : Miscellaneous expenses debit & bank account Credit
But the auditors may not accept and this is prior period expenses . Then suggested entry would be : Miscellaneous expenses debit & bank account Credit
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