One has many fixed accounts, they are all different- some get self renewed, some gets deposited in saving account, interest goes to SB a/c while principal is renewed etc.
They are of different maturities also-there may be a 10 year deposit with accrued interest being credited in the last year.
my question is : is there a proper and foolproof methodology to show fixed deposits with accrued interest in a balance sheet, so that BS also tallies without any adjusting entries or adjustments.
Form 26 AS only shows how much interest bank has given in an year along with the tax deducted, this interest may be accrued or realized in SB account.
If we calculate the interest in an excel sheet,a significant difference appear with what banks as banks regularly cut TDSs, and both compounding create a significant difference.
how to correctly enter FDs in BS and make it tally ?
can any expert come up with a step by step fool-proof methodology ?
CAclubindia
