Input credit of jun month bill in may by mistake

This query is : Resolved

sachin (Querist)
Follow

28 July 2018 I have took input credit of jun month bill in may by mistake now will i have to pay penalty with interest on this.

Read more at: https://www.caclubindia.com/profile.asp?member_id=2170314

Udaya Chandran

Udaya Chandran (Expert)
Follow

28 July 2018 Reverse the ITC and pay the interest.

sachin

sachin (Querist)
Follow

28 July 2018 At what percentage.

Upgrade to CAclubindia Pro. Subscribe Now!

Udaya Chandran

Udaya Chandran (Expert)
Follow

28 July 2018 Interest at 24% p.a.

sachin

sachin (Querist)
Follow

30 July 2018 Dear Sir,
kindly clear the doubt of insurance paid for (jul.18 to jul.19) how will get journal entry of this.

Udaya Chandran

Udaya Chandran (Expert)
Follow

30 July 2018 Divide the insurance for the current financial year and next financial year and make entry as below:

Dr Insurance expenses (current year) xxxxx
Dr Prepaid Expenses (next financial year) xxxxx
Cr Insurance company xxxxx

Note: Prepaid expenses under current assets side