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Interest on fds

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 May 2013 hi good morning every one am a article student now am doing statutory audit of a company now my query is interest on fixed deposits on what basis they have to accounted the interest amount on every month and at the end of the year, actually they are accounted on receipt basis it means whenever the FD withdrawn that time only they were accounting the interest as well as principle, but my argument is as per AS9 revenue recognition if it is interest they have to accounted on accrual basis only right.. please help me in this regard


thank u
Ram
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
18 May 2013 Accounting for Companies need to maintain accrual basis. hence interest need to be accounted monthly. not an receipt basis

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