03 September 2023
interest on fixed deposit in bsnk of sinking fund of a housing society can it be treated as general income like maintenace ,parking charges? Or it should transfer to sinking fund reserve and reinvested . Eg.. a cooperative housing society having fd for sinking fund RS. 1500000 Sinking fund reserve RS.1500000 interest on above fd 100000 Surplus of income and expenditure Rs. 35000(without considering interest on fd). This interest on fd . RS.100000 is to be added in surplus on it should be added in sinking fund reserve?
CAclubindia
