18 June 2013
Dear Experts, I have not booked interest on fixed depoist in last year amt rs1500/-for F.Y 11-12 but at time of filing the IT return we had considered the said amt and paid tax on the same. but in the books of accounts entry has still not entered so please help me experts that how can i show the said last year income during the F.Y 12-13 and tds on interest . how will Jv . Please help me out
18 June 2013
Don't worry it is very simple entry to give the effect of your issue to solve. Pass the following JV on 1-4-2012 as follows.
Accrued Interest on FD a/c 1500 To Capital a/c 1500 (Being interest on on FD accrued for the F.Y 2011-12 including TDS on such interest amount now recognised into the books of accounts).
Note: Accrued interest on FD a/c shall be disclose at the assets side of the balance sheet.
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