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.
3 Replies
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(6461 Points)
Replied 18 February 2015
Debit Profit & Loss a/c
Credit accrued interest a/c
and in Balance sheet put it assets side.
Puneet Mittal
(Sr. Officer Accounts)
(212 Points)
Replied 18 February 2015
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
Arjun
(student)
(22 Points)
Replied 19 February 2015
Sir please confirm self assessement entery ....
It is party of drawing a/c
Recent Topics
- GST registration -notice
- GSTIN Suspended Form GST Reg 17
- Request for GST Clarification regarding ITC
- Is Capital Gain exemption available for Property a
- EPF CONTRIBUION BY EMPLOYER
- Letter of credit -seller procedure
- Filling form 26 QB
- RPT AND ITC ISSUE
- Tax Liability and ITC Summary related Issues
- REQUIRED FORMAT FOR AMENDMENT TO PARTNERSHIP DEED
Related Threads
CAclubindia
