Interest and accrued interest on fdr
Querist : Anonymous
Now maturity value on 08.09.2017 is 84861.01 so how to account it in tally (Means what is accrued interest and what is received )
and next maturity is 24.9.2018 and value will be 90537.01 then what entry we have to do on 31.03.2018.
Now calculate for 23/08/2016 to 31/03/2017 = 220 days AND 01/04/2017 to 08/09/2017 .......161 days
is it ok for you?
Querist : Anonymous
Querist : Anonymous
like
FD A/c Dr
toAccrued Interest
to interest received
what amont ??
debit fixed deposit(Under investment group)
credit Interest accrued but not received(Under current income group if you are offering this income to revenue)
the entry of interest received will be passed on 08/09/2017
Querist : Anonymous
what entry have to do on 31.03.2018 and what entry will be on 08.09.2017 when renewed with amount ...pls
Querist : Anonymous
TO FD 78531.01
To Accrued 2658
To interest received 3672
I think this may wrong..correct it pls
Debit Fixed Deposit A/c 78,531.01
Credit Bank/Cash ( as the case may be) 78,531.01
on 31/03/2017
Debit Fixed Deposit A/c 3,655/-
Credit Interest accrued but not received.3,655/-
on 08/09/2017
Debit Cash/Bank (As the case may be) 84,861.01
Credit Fixed Deposit 82,186.01
Credit Interest received 2675/-
on 08/09/2017
Debit Fixed Deposit A/c 84,861.01
Credit Bank/Cash A/c (As the case may be) 84,861.01
Now you give me the entries for this new renewed fixed deposit so that I can verify if you have digested / absorbed the concept......ok?
Querist : Anonymous
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