entry in books of account

This query is : Resolved

Kamalakar (Querist)
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28 May 2013 Please let me know how to pass the entry in our books of accounts.

Transaction - Term Deposit - Rs.100000
Maturity Value Rs.110000

Amount credited by bank in our account on maturity is Rs.109000 (after deducting TDS)

CA Pooja Agarwal

CA Pooja Agarwal (Expert)
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28 May 2013 you should show term deposit in ur book as 100000.. and show interest as and when received or due

Kamalakar

Kamalakar (Querist)
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28 May 2013
But what is the entry for TDS & Interest

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CA Pooja Agarwal

CA Pooja Agarwal (Expert)
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28 May 2013 interest a/c ...dr.
to p/l a/c

no entry for tds in accounting books.interest should be shown at full value .

at the end of a period taxes paid should be debited to p/l a/c