GST Late fees in balance sheet

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35 Points Posted on 06 August 2020
where should GST late fees amount deduct
under profit & loss account or capital account
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On 06 August 2020 at 14:54 Report
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Quick Summary
This discussion explores the correct accounting treatment for GST late fees. It addresses whether these penalties should be recorded as an expense in the Profit & Loss account or allocated to the Capital account. The consensus leans towards treating them as an expense within the Profit & Loss statement.

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16 Points Posted on 06 August 2020
In profit and loss account as expenses.
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On 06 August 2020 at 16:07
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281 Points Posted on 06 August 2020
In profit and loss Account
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On 06 August 2020 at 19:52

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