We have to pay certain penalty to IT department which is proposed to be recovered from the defaulting persons. Is the following JE correct- Claims ------Dr
To Bank
Kindly advice.
We have to pay certain penalty to IT department which is proposed to be recovered from the defaulting persons. Is the following JE correct- Claims ------Dr
To Bank
Kindly advice.
yea same is correct, it will be more effective if you use taxes and penalty in place of claims.
let other say
Yes, penalties and claims A/c , seems to be a proper nomenclature of the same. Moreover, please note that IT penalties are disallowed expenses so it is always better to keep them in different a/c for easy traceability.
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