entry in books of account
This query is : Resolved
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)
Transaction - Term Deposit - Rs.100000
Maturity Value Rs.110000
Amount credited by bank in our account on maturity is Rs.109000 (after deducting TDS)
28 May 2013
you should show term deposit in ur book as 100000.. and show interest as and when received or due
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
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
29 May 2013
bank ( recd bank a/c) dr. 109000
tds receivable DR 1000
TO INTEREST RECD CR 10000
TO TERM DEPOSIT CR 100000
tds receivable DR 1000
TO INTEREST RECD CR 10000
TO TERM DEPOSIT CR 100000
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