Akram
(C.A.FINAL)
(136 Points)
Replied 26 May 2011
Aap sab loug itney confuse kiyoun hain bhai ...
Agar accrual base accounting hey to ye entry hogi ...(Current year main)
Interest accrued but not due a/c dr (current asset) . 257195/-
TDS rec.A/c dr (current ass) 64300/
To Interest on fdr (Income) Cr. 321495
Deepak Singh Rawat
(Article Assistant)
(53 Points)
Replied 29 May 2011
Acc. to my knowledge
Accrued Interest Dr. 257195
TDS on Interest Dr. 64300 {Loan & advances(assets)}
To Interest Income 321495
This is simple entry as we all know. We also know that FD has a compounded interest. So, accrued interest add up in the amount of FD by this entry,
FD A/c Dr. 257195
To Accrued Interest 257195
Then in the next year the interest income would not be in 50lacs. It will be on 52,57,195.
anil kumar
(Study)
(52 Points)
Replied 29 May 2011
INTEREST RECEIVABLE A/C (NET INTEREST) DR 257195
TDS A/C DR 67300
TO INTEREST INCOME A/C (GROSS INCOME) 321495.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
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