Late delivery CV charges accounting treatment
ravi (officer) (36 Points)
17 August 2020
late delivery charges should be treat as income or capitslise assets vy reducing assets.
5 Replies
CA Raj Doshi
(Practising CA)
(8944 Points)
Replied 18 August 2020
Please elaborate your case for an appropriate answer.
ravi
(officer)
(36 Points)
Replied 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
CA Raj Doshi
(Practising CA)
(8944 Points)
Replied 18 August 2020
If its relating to the cost of a fixed asset, then deduct from fixed asset. Else, treat it as penalty income.
ravi
(officer)
(36 Points)
Replied 18 August 2020
No this is general items both are used both activity capex and opex
CA Raj Doshi
(Practising CA)
(8944 Points)
Replied 18 August 2020
If there is no proper bifurcation,please take it as credit to P/L as income.
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