Short payment received from debtor
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 April 2016
Hello Experts,
I am service provider and i have issued the invoice Rs. 117679/- to service receiver but service receiver has deducted Rs. 15000 as penalty for Non completion the contract within the deadlines, please let me know weather this 15000 is deductable in profit & loss account as bad debts or not,
Regard
Shyam sunder
I am service provider and i have issued the invoice Rs. 117679/- to service receiver but service receiver has deducted Rs. 15000 as penalty for Non completion the contract within the deadlines, please let me know weather this 15000 is deductable in profit & loss account as bad debts or not,
Regard
Shyam sunder
15 April 2016
Debit the amount under expenditure head as penalty for delayed completion of contract. This expenditure can be deductable in P & L ac.
Message likes :
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15 April 2016
Its a business loss which is by name of penalty of late completion so you can book in P&L as late completion penalty.
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