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Interest on delayed payment

This query is : Resolved 
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(Querist)
08 December 2009 hi friends

whenever supplier charges interest on delayed payments to buyer, correct treatment of it as operating income or non-operating income?

As per suggest correct opinion as per AS-9
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
08 December 2009 It is non-operating income as the firm is not engaged in finance activities.

AS-9 says about only recognition of income and not the operating or non-operating income.

For operating and non-operating income; please refer AS-3 Cash Flow Statement.


Ca Surendra Rakhecha
Surat
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CA CHINTAN AJMERA

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CA CHINTAN AJMERA (Expert)
08 December 2009 Agre with expert
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