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Late delivery CV charges accounting treatment

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officer
36 Points Posted on 17 August 2020
late delivery charges should be treat as income or capitslise assets vy reducing assets.
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On 17 August 2020 at 12:00 Report
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Practising CA
8954 Points Posted on 18 August 2020
Please elaborate your case for an appropriate answer.
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On 18 August 2020 at 01:51
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officer
36 Points Posted on 18 August 2020
Later delivery of material from vendors so we deduction the penalty so it's should treated as income or as treated as reduced expenses cost
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On 18 August 2020 at 10:44
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Practising CA
8954 Points Posted on 18 August 2020
If its relating to the cost of a fixed asset, then deduct from fixed asset. Else, treat it as penalty income.
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On 18 August 2020 at 12:22
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officer
36 Points Posted on 18 August 2020
No this is general items both are used both activity capex and opex
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On 18 August 2020 at 12:37
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Practising CA
8954 Points Posted on 18 August 2020
If there is no proper bifurcation,please take it as credit to P/L as income.
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On 18 August 2020 at 12:47


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