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guest (student) (109 Points)

14 April 2009

Please give give the accounting treatment in Tally 9, tell in detail, i need it very much.

Received interest on fixed Deposited with SBI of Rs. 20000. TDS deducred is @ 20%.

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3 Replies

Jyoti Malik (ACCOUNTANT) (2644 Points)
Replied 15 April 2009

Accounting Treatment is

FDR ( Investment)Dr. 16000(After deducted TDs @ 20% of 20000)

TDS ( Current Assets) Dr4000

To Interest from FD(Indirect Income) 20000

guest (student) (109 Points)
Replied 07 May 2009

Originally posted by :Jyoti Malik
"	Accounting Treatment is FDR ( Investment)Dr. 16000(After deducted TDs @ 20% of 20000) TDS ( Current Assets) Dr4000 To Interest from FD(Indirect Income) 20000	"

your entry is wrong,

in this case we received intrest through sbi

sbi a/c debit 16000 (bank a/c)

tds a/c debit 4000 (under duties and taxes)

intrest on fixed deposite credit 20000 (indirect income)

how this entry is treat in tally 9 with using journal voucher for tds means alt+s, my balance sheet in not matching)

is this any error.

Jyoti Malik (ACCOUNTANT) (2644 Points)
Replied 08 May 2009

As per my entry it is journal entry which we passed in books of account and FDR's value increased with that amount.

But we received in the bank : Entry was

sbi a/c debit 16000 (bank a/c)

tds a/c debit 4000 (This should be shown in Current assest as this is not our liability it is our assets)

intrest on fixed deposite credit 20000 (indirect income)

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