We have to pay certain penalty to IT department which is proposed to be recovered from the defaulting persons. Is the following JE correct- Claims ------Dr
To Bank
Kindly advice.
2 Replies
ish kumar sharma
(Sr. Manager Accounts & Finance)
(301 Points)
Replied 17 December 2015
yea same is correct, it will be more effective if you use taxes and penalty in place of claims.
let other say
Ruchi
(CA)
(1410 Points)
Replied 18 December 2015
Yes, penalties and claims A/c , seems to be a proper nomenclature of the same. Moreover, please note that IT penalties are disallowed expenses so it is always better to keep them in different a/c for easy traceability.
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