Audit of interest expense on cc

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Querist : Anonymous

Querist : Anonymous (Querist)

16 February 2013 Sir
Please guide me how will i finalize Audit of Interest expense of CC a/c

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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16 February 2013 pls clarify in detail what exactly you want to know ??

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Querist : Anonymous

Querist : Anonymous (Querist)

16 February 2013 I want to know how will i verify that bank has correctly debited Interest to our Cash Credit account

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CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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16 February 2013 you have to calculate on day to day basis and then you can work out the interest which would be same as that of Bank

you have to take the closing balance of each day and then calculate the interest on that balances

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CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
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16 February 2013 1.Go RBI latest circulars first and ascertain whether the interest is correctly calculated on the recent circular rates.

2. Rest of the method of calculations were given by the expert above ( Daily outstanding balance)

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Querist : Anonymous

Querist : Anonymous (Querist)

16 February 2013 Vivek Sir
can u provide me circular or its link for current Financial Year