Any one tell me that how interest calculate & maturity value in NSC & kissan vikas patra. Give me one example.
4 Replies
SUNIL GARG
(CHARTERED ACCOUNTANT)
(175 Points)
Replied 11 April 2010
Hi,
NSC are issued for 5 years and at present interest rate is 8% p.a. compounded annually. On NSC you get your full value with interest after 5 years.
SUDHIR & PRADEEP JI
(CA FINAL+LLB + DISA)
(2299 Points)
Replied 11 April 2010
but in calculation how month adjust in it. actually i ask becoz i have prepare a projected balancesheet just before 5 years. how can i calculate in this interium period.
SUNIL GARG
(CHARTERED ACCOUNTANT)
(175 Points)
Replied 11 April 2010
Dear Sudhir,
Actually in Accounting, we do not recognize interest in first year of purchase. So ignore months because interest gets due only after a year. You start recognizing the interest from next year and so on.
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