Sujatha Timber Company had made a sale of Timber to Ganesh Traders, and TCS @ 2.5% was collected. Delayed payment of TCS was made on 25-5-2015, for which an interest of ₹ 200 was applicable. Also, ₹ 100 had to be paid as penalty for Late Payment.
To record payment of interest and penalty
Go to Gateway of Tally > Accounting Vouchers > F5: Payment
Select cash or bank ledger in the Account field.
Select Interest ledger which is under Indirect Expenses group.
Select Interest from the List of Payment Type.
Enter 200 in the Amount field.
Select Penalty ledger which is under Indirect Expenses group.
Select Penalty from the List of Payment Type.
Enter 100 in the Amount field.
Press Enter.
Enter Narration, if required.
The Payment invoice appears as shown below:
Press Ctrl + A to save the invoice.
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