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Ld clause

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(Querist)
15 September 2014 Can you please tell me how to account for late delivery charges? if supplier fails to deliver goods in time to buyer & buyer goes to charge over him a late delivery penalty. how to account for it on behalf of buyer??
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Vishnu Saboo

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Vishnu Saboo (Expert)
16 September 2014 since this is penalty imposed by buyer, so this is income for buyer.
you need to
vendor a/c Dr
To LD charged on vendor a/c

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