Penal interest received.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 January 2014
Dear sir,
Bank is charging penal interest to default borrowers for default on account of submission of stock statements. What will be the treatment for that penal interest received?.As the bank is directly crediting to general reserve .
Thanks in advance.
Bank is charging penal interest to default borrowers for default on account of submission of stock statements. What will be the treatment for that penal interest received?.As the bank is directly crediting to general reserve .
Thanks in advance.
03 January 2014
it would go to the profit and loss a/c. and eventually to reserves.
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