Interest on NSC
This query is : Resolved
16 April 2009
Dear experts,
Firm has taken a NSC in Oct'08.
For the purpose of finalization of A/c it requires rate of interest which will be imposed on it. Is there need to obtain any certificate for the same, if yes from where can be obtained, also inform the reqiured Journal entries.
Thanking You
Firm has taken a NSC in Oct'08.
For the purpose of finalization of A/c it requires rate of interest which will be imposed on it. Is there need to obtain any certificate for the same, if yes from where can be obtained, also inform the reqiured Journal entries.
Thanking You
16 April 2009
No need to obtain certificate. The interest for the first completed year is Rs.8.16 per NSC of Rs 100/-.According to me, since first completed year falls on october 2009, no need to provide interest as on 31/3/2009. If you prefer to provide proportionate interest journal entry will be
Interest accrued but not due a/c Dr
To Interest on NSC
(Being interest from oct 08 to
mar 09 provided)
Interest accrued but not due a/c Dr
To Interest on NSC
(Being interest from oct 08 to
mar 09 provided)
16 April 2009
Thank You Sir,
If I prefer to provide interest journal entry,what entry will be passed on Oct'09 and on 31 March 2010. While NSC value is 20000/-
If I prefer to provide interest journal entry,what entry will be passed on Oct'09 and on 31 March 2010. While NSC value is 20000/-
16 April 2009
First of all agree with expert and as a answer yo your question.
on actual receipt of interest:
Bank A/c___________________Dr.
____To Interest Received A/c.
____To Interest accrued but not due A/c
on actual receipt of interest:
Bank A/c___________________Dr.
____To Interest Received A/c.
____To Interest accrued but not due A/c
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- Offsetting interest income against derivative trading losses
- RCM - commercial rent paid to URP under GST
- Gst Sales of FY 2023-24
- Whether still royalty
- Legal heir raised refund , but refund issued to the closed account of deceased.
- GST Annual Returns filing due date
- TDS NUMBER SURRENDER
- Need help with business structure for setting up a new business
- TDS applicability on Service through ECO
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
