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Accured Interest

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(Querist)
04 May 2020 what will be entry after maturity of FD with interest. If we had shown accured interest entry in previous years.
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CA Altamush Zafar

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CA Altamush Zafar (Expert)
05 May 2020 Since Income has been booked at the time of accrual, the asset account which was created will be credited and bank a/c will be debited for interest amount on maturity.
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
05 May 2020 If you booked accrued interest with Fd you can debit bank credit matured FD with accrued interest and credit current year interest

If accrued interest separately booked
Than dr bank cr FD cr accrued Interest cr Interest for current year.
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Gokul Sharma

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Gokul Sharma (Expert)
06 May 2020 BANK DR.......
TO FDR NO XXX
TO INT INCOME (CURRENT YEAR)
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Asha Kanta Sharmapro badge online

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Asha Kanta Sharmapro badge online (Expert)
09 May 2020 Bank Account - Dr. XXX
Accrued Interest - Cr. XXX
Interest for current FY - Cr. XXX
Fixed Deposit - Cr. XXX

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