Interest on NSC
This query is : Resolved
24 September 2009
Dear expert,
Please inform Accounting entry of Accrued Interest on NSC with present rate, If we purchased NSC of RS. 20000/- on 27.11.08.
What entry will be with amount on 31.03.10
wheather any entry would be passed on its complition of one year.
Expecting for your cooperation.
Please inform Accounting entry of Accrued Interest on NSC with present rate, If we purchased NSC of RS. 20000/- on 27.11.08.
What entry will be with amount on 31.03.10
wheather any entry would be passed on its complition of one year.
Expecting for your cooperation.
24 September 2009
As on 31.3.2009
NSC,,,Dr--1632
Interest on NSC..Cr--1632
As on 31.3.2010
NSC,,,,Dr--1766
Interest on NSC,,Cr--1766
NSC,,,Dr--1632
Interest on NSC..Cr--1632
As on 31.3.2010
NSC,,,,Dr--1766
Interest on NSC,,Cr--1766
24 September 2009
Entry should be
Interest accrued on NSC A/c. dr
To Interest account
Do not disturb the original NSC account otherwise after 2-3 years you will not be in a easiest position to find out the original amount of NSC and interest accrued thereon.
As the interest is accrued at the year end this entry has to be passed in the books of accounts to book the interest.
Interest accrued on NSC A/c. dr
To Interest account
Do not disturb the original NSC account otherwise after 2-3 years you will not be in a easiest position to find out the original amount of NSC and interest accrued thereon.
As the interest is accrued at the year end this entry has to be passed in the books of accounts to book the interest.
25 September 2009
Thanks Mr. Ratan,
By what amount the entry will be passed on 31.03.10?
Wheather any entry would be passed on complete of one year i'e on 27.11.09 ?
Thanking you again.
By what amount the entry will be passed on 31.03.10?
Wheather any entry would be passed on complete of one year i'e on 27.11.09 ?
Thanking you again.
25 September 2009
Yes interest has to be calculated for 1 year as on 31.3.10. No need to pass any entry on 27.11.2009
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