Fixed deposit interest journal entry

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 May 2014 Initially Entry for Interest on FD should be Like this :

1) FD A/c Dr. Rs.50
To INTEREST A/c Rs.50

2)BANK A/c Dr.45
TDS A/c Dr.5
To FD A/c Rs.50

However i have passed the entry like this :

BANK A/c Dr.45
TO INTEREST A/c Rs.45

So now how should i rectify this entry?

Nischit Sanghavi

Nischit Sanghavi (Expert)
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08 May 2014 YOU NEED TO RECTIFY THE ENTRY BECAUSE IN YOUR ENTRY EFFECT OF TDS IS NOT REFLECTED.

BANK A/C RS.45
TDS A/C RS.5
TO INTEREST ON FD A/C RS.50