Accounting of accrued interest on fd
This query is : Resolved
22 November 2017
I just wanted to Know whether We can pass Accrued Interest on 30th Sept to give correct view of Half yearly Balance sheet & Profit & Loss Account for below transaction.
If FD of Rs. 5,00,000/- is Created @ 6% interest on 5th April 2017 for 180 days which matures on 5th Oct 2017. Interest till Sept is Rs. 14384/- . And Interest till 5th Oct is 14795/-. TDS will be deducted on 5th oct 2017.
1)Accrued Interest on FD (current Asset) .... Rs. 14384/-
To Interest Received on Fd..... 14384/-
If FD of Rs. 5,00,000/- is Created @ 6% interest on 5th April 2017 for 180 days which matures on 5th Oct 2017. Interest till Sept is Rs. 14384/- . And Interest till 5th Oct is 14795/-. TDS will be deducted on 5th oct 2017.
1)Accrued Interest on FD (current Asset) .... Rs. 14384/-
To Interest Received on Fd..... 14384/-
23 November 2017
Dear Vivek,
Your accounting treatment is perfectly right. You can pass the above entry as on 30th September 2017
Your accounting treatment is perfectly right. You can pass the above entry as on 30th September 2017
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