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Proceeds from encashment of bank guarantee

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(Querist)
09 June 2016 An organization has enacashed a bank guarantee which was furnished by a contractor in lieu of security deposit. Encashment of BG was done as a penal measure due to non-compliance of terms & conditions of contract. How should the organization account for the proceeds disbursed by the bank on account of encashment.
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Rupesh Jain

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Rupesh Jain (Expert)
10 June 2016 its come under your income. you are receiving when the term of agreement not completed by the contractor.
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