Interest payable entry
This query is : Resolved
A Srinivas
(Querist)
07 June 2021
sir
supplier charged interest for delayed payment of amount as below
interest payable 4368.23
cgst @14% 611.55
sgst@14% 611.55
cess 218.41
total payable by the dealer to supplier is 5809.74
please tell how to account for and creation of voucher
Thanks & Regards
srinivas a
accountant
9490024024
supplier charged interest for delayed payment of amount as below
interest payable 4368.23
cgst @14% 611.55
sgst@14% 611.55
cess 218.41
total payable by the dealer to supplier is 5809.74
please tell how to account for and creation of voucher
Thanks & Regards
srinivas a
accountant
9490024024
KAVIRAJA ADDANGADI
(Expert)
09 June 2021
why creditor charged cess on interest ?
interest Dr 4368.23
Input GST Dr 1223.10
Cess Dr 218.41
TDS on Interest @10% Cr 437
Vendor Cr 5372.74
interest Dr 4368.23
Input GST Dr 1223.10
Cess Dr 218.41
TDS on Interest @10% Cr 437
Vendor Cr 5372.74
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