Fd accounting

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Querist : Anonymous

Querist : Anonymous (Querist)

06 November 2013 Hi

1.Can u pls let me know the accounting procedure for TDS On fixed deposit?
2.If i get FD int from bank what are the entries to pass other than receipt entry?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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06 November 2013 Dr: Fixed deposit
Dr: TDS receivable a/c
Cr: Interest a/c

since the interest credited to the fixed deposit a/c. and we can add to fd a/c

Alternatively

you can show interest received separately

Dr: Interest accrued on FD
Dr:TDS receivable a/c
Cr: Interest a/c

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