Interest and accrued interest on fdr

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 September 2017 I have FD Value @ 78531.01 on 23.08.2016, same has been renewed on 08.09.2017 (381 days)
Now maturity value on 08.09.2017 is 84861.01 so how to account it in tally (Means what is accrued interest and what is received )
and next maturity is 24.9.2018 and value will be 90537.01 then what entry we have to do on 31.03.2018.

Amol S Joglekar

Amol S Joglekar (Expert)
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13 September 2017 84861.01 - 78531.01 = 6330 is the interest for 381 days.
Now calculate for 23/08/2016 to 31/03/2017 = 220 days AND 01/04/2017 to 08/09/2017 .......161 days
is it ok for you?

Querist : Anonymous

Querist : Anonymous (Querist)

13 September 2017 But which interest is accured and which interest received ...how to accounting of it ..I know which you have replied

Amol S Joglekar

Amol S Joglekar (Expert)
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14 September 2017 for 2016-17....23/08/2016 to 31/03/2017....220 days interest is "Interest accrued but not received"

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2017 how to entered it in tally
like

FD A/c Dr
toAccrued Interest
to interest received

what amont ??

Amol S Joglekar

Amol S Joglekar (Expert)
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14 September 2017 on 31/03/2017
debit fixed deposit(Under investment group)
credit Interest accrued but not received(Under current income group if you are offering this income to revenue)

the entry of interest received will be passed on 08/09/2017

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2017 Thanks for reply but not getting my query proper

what entry have to do on 31.03.2018 and what entry will be on 08.09.2017 when renewed with amount ...pls

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2017 FD A/c Dr - 84861.01
TO FD 78531.01
To Accrued 2658
To interest received 3672

I think this may wrong..correct it pls

Amol S Joglekar

Amol S Joglekar (Expert)
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14 September 2017 on 23/08/2016
Debit Fixed Deposit A/c 78,531.01
Credit Bank/Cash ( as the case may be) 78,531.01

on 31/03/2017
Debit Fixed Deposit A/c 3,655/-
Credit Interest accrued but not received.3,655/-

on 08/09/2017
Debit Cash/Bank (As the case may be) 84,861.01
Credit Fixed Deposit 82,186.01
Credit Interest received 2675/-

on 08/09/2017
Debit Fixed Deposit A/c 84,861.01
Credit Bank/Cash A/c (As the case may be) 84,861.01

Now you give me the entries for this new renewed fixed deposit so that I can verify if you have digested / absorbed the concept......ok?

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Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2017 thank you so much ...confusion between accrued and received ..that cleared now..thanks

Amol S Joglekar

Amol S Joglekar (Expert)
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14 September 2017 you are most welcome.