Write me the Journal Entries of these transactions :-
1) Interest Accrued and Due?
2) Interest Accrued but not Due?
Happy New Year To All Of You?
Deepak
30 Replies
Deepak Kumar
(CA Final Student)
(62 Points)
Replied 03 January 2008
If i will tell Meaning of Due then what u understood from question.
Deepak Kumar
(CA Final Student)
(62 Points)
Replied 03 January 2008
This is Question Of One of Interview in MNC. You are asked to reply it without counter question.
CA Mohit Mohan
(c.a. profession)
(557 Points)
Replied 12 January 2008
i wonder what people think about this stupid question. accounting entry will be same but treatment will be diferent in balance sheet......
srinivas
(humble devotee of saraswati)
(885 Points)
Replied 12 February 2008
1.if interest has accrued and due, then it is treated as revenue
2. if interest has accrued but not due it is treated as current asset or current liability depending upon whether the interest is receivable or payable
CA. SUDHARSAN K G
(Chartered Accountant)
(472 Points)
Replied 14 February 2008
If it is from the view of the payer:
1.Entry for Interest Accrued and Due
Interest Accrued but not due Dr
To Cash/Party
2) Interest Accrued but not Due
Interest Accrued but not due A/c Dr.
To Interest
CA. GOPAL SONIKA
(CHARTERED ACCOUNTANT)
(1426 Points)
Replied 17 February 2008
Entries for both the heads are same i.e.,
Debit Interest
Credit Accrued Interest.
However, disclosure as per Schedule VI is different.
A____ __A
(Student All-ways)
(275 Points)
Replied 26 February 2008
1) Interest Accrued and Due?
ans:- intrest accured so you should pay it but its due so we have not paid it yet mean its our current liabilities.
effect: you shd add the new amount to old intrest and will be shown in b/s in left side.(current year)
2) Interest Accrued but not Due?
intrest has accured but has not due yet so no entry for it
yogeshwar
(chartered accountant)
(137 Points)
Replied 04 April 2008
both will be dibited to profit &loss account as an expenditure.
interest accrued and due will be shown under the head secured loans or unsecured loans as the case may be based upon type of loan.
interest accrued but not due will be shown under the head current liabilites
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