sir i need to know that how i can record the entry of late fee & penalty in books of a/c and where will be the effect of these entry hit wheather p&l or capital a/c
pls clear this doubt from my mind
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How tto Record entries
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Quick Summary
It it a proprietorship or comapny or partnership ?
These are to be debited to p&l account. While late fee may be an allowable deduction, penalty is not an allowable deduction under income tax.
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