Interest applied on outstanding maintenance dues.
This query is : Resolved
30 November 2019
In the light of the recent failure of the PMC Bank in Mumbai, please advise whether Interest applied on maintenance dues outstanding and not recovered, as at year end, can be taken as Income in Income-Expenditure statement of Cooperative Housing Societies in Mumbai Maharashtra, since that serves to inflate the actual profits, on the basis of which decisions on incurring further expenses are taken at the AGM. Thanks. S.Sanyal.
09 August 2020
Income should not be accounted in the books of accounts as there is little certanity of receipt of such income in future
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