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Tally entry of different amount of fixed deposit amount

20 July 2020

fixed deposit account matured 29 nov 2019, total amount 16243, 10000 rs principle amount of fixed deposit amount, fd open date 29 nov 2015, I had put fy 2018-19 open balance is 10000rs, fy 2018-19 all jurnel entry pass at tally, interest amount is 1202 rs, different amount is 16243-1202+10000=5041 rs how to adjust with capital account?

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CA Raj Doshi (Practising CA) (8924 Points)
Replied 21 July 2020

1. Pass FY 2019-20 Interest journal entry.
2. Differential amount in FD ledger ...change the opening balance of fd as on 01.04.2018 such that fd balance becomes zero at the end of 31.03.2020
3. Do point no.2 only if balance sheet is not submitted in IT return.
4. If you have not offered the income in FY 2017-18 and earlier, then offer them entirely in FY 2019-20 ... AND then no need to do any change as mentioned in point 2.