Whether Accrued Interest on savings bank accounts is to be accounted at 31st mar, in books of account?
Accrued interest
(Guest)
4 Replies
Sidharth
(Article Assistant)
(80 Points)
Replied 15 August 2013
Yes it should be accounted on accrual basis.
Vikram Bhatia
(CA Final)
(122 Points)
Replied 16 August 2013
Agree wid siddharth. Definitely it should be accounted for...
Pooja
(Final CA)
(502 Points)
Replied 16 August 2013
The Interest on savings bank account accrued as on 31st march is to be included in books of accounts.
mahendra jangid
(Dy. General Manager (Finance))
(444 Points)
Replied 17 August 2013
I do not Agree with comments given by others. Companies do not have savings accounts and hence no question of interest on saving account. Further, if this income accrues to an Individual, he may treat the same on receipt basis. i.e. He need not provide for accrued income of interest on books. Choice is with the Individual...
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