A borrower pays $1000 towards the late payment penalty to a bank A pass the nec

A borrower pays $1000 towards the late payment penalty to a
bank A pass the necessary journal entry

Question Posted / pradi

Answers were Sorted based on User's Feedback

A borrower pays $1000 towards the late payment penalty to a bank A pass the necessary journal entry..

Answer / tapan kumar roy

BANK CHARHES A/C DR 1000
TO BANK 1000

Is This Answer Correct ?

24 Yes

12 No

A borrower pays $1000 towards the late payment penalty to a bank A pass the necessary journal entry..

Answer / shiv gupta

Penalty A/c Dr. 1000
(Under Indirect Exp.)

To Bank A A/c 1000

Is This Answer Correct ?

9 Yes

2 No

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