Accured Interest
This query is : Resolved
04 May 2020
what will be entry after maturity of FD with interest. If we had shown accured interest entry in previous years.
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.
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.
If accrued interest separately booked
Than dr bank cr FD cr accrued Interest cr Interest for current year.
06 May 2020
BANK DR.......
TO FDR NO XXX
TO INT INCOME (CURRENT YEAR)
TO FDR NO XXX
TO INT INCOME (CURRENT YEAR)
09 May 2020
Bank Account - Dr. XXX
Accrued Interest - Cr. XXX
Interest for current FY - Cr. XXX
Fixed Deposit - Cr. XXX
Accrued Interest - Cr. XXX
Interest for current FY - Cr. XXX
Fixed Deposit - Cr. XXX
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