How to pass the accounting entries for Accrued FD Interest for the year ended F.Y.? Also want to know what is a Self- Assessment Tax and where the same is accounted. i.e. in P&L or balance sheet.
How to pass the accounting entries for Accrued FD Interest for the year ended F.Y.? Also want to know what is a Self- Assessment Tax and where the same is accounted. i.e. in P&L or balance sheet.
Debit Profit & Loss a/c
Credit accrued interest a/c
and in Balance sheet put it assets side.
Hi,
Entry of Accrued Interest-
Accrued Interest A/c Dr. (Assets)
To Interest Income FDR A/C (income)
Interest Income FDR A/C (income) Dr.
To Profit & Loss A/C
Self Assessment Tax-
Self Assessment tax means Tax payable on the total income, after deduct TDS, Advance tax and relief if any. Self assessment should be paid before filing the Return of income.
Total Tax liability will be transfer to Profit and Loss account includes self assessment tax.
Profit & Loss A/C Dr.
To Inocome Tax
Regards
Puneet Mittal
R P S K & Associates
Nashik
CA Inter
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