Interest Cal.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 July 2011 How to Calculate Accured Interest .......
Suppose a FDR of Rs. 500000/-
Created date -- 09-07-2011
Maturity date ---09-07-2012
Rate of interest---8%

than Accured interest -----????
Interest Received --------??????

When we wiil book accured interest on the maturity or created date

Whate will be entry on my books

Aditya Maheshwari

Aditya Maheshwari (Expert)
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09 July 2011 search in files section for accrued interest calculation and search in bank statement for interest received if any.

Interest should be accounted for on accrual basis.

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Querist : Anonymous

Querist : Anonymous (Querist)

11 July 2011 not satisfy with your answer....please try to understand my question and than revert....

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CMA Shrikant

CMA Shrikant (Expert)
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11 July 2011 Dear,
I assume ur year end is 31 March
Interest received on maturity is Rs.40000 appox.
Accrued interst(9-7-2011 to 31-3-2012)is Rs.29041 and (1-4-2012 to 31-3-2013) is Rs.10954
Entry-For 31 march 2012 year end
1) Accrued Interest A/C........Dr 29041
To P&L A/c
Entry for 31 March 2013 year end at maturity
1)Accrued Interest A/C........Dr 10954
To P&L A/c
2)At maturity
Bank a/c.......Dr. 540000
To FD a/c 500000
To Interest Received a/c 40000
3)Interest Received a/c.....Dr 40000
To Accrued Interest A/C 40000

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Querist : Anonymous

Querist : Anonymous (Querist)

11 July 2011 Thank you so much......
fd maturity is before 31st march'11

but i understood logic so thanks...