Journal entry for interest on FD

Page no : 3

NIRANAJN SINGH (ACCOUNTANT) (25 Points)
Replied 27 July 2022

Dear Sir,

please guide how to Entry pass in tally fixed deposit but note matured

Singhniranjan736 @ gmail.com

Attached File : 1880166 20220727115259 termdeposit.jpeg downloaded: 42 times

NIRANAJN SINGH (ACCOUNTANT) (25 Points)
Replied 27 July 2022

Dear Sir,

please guide how to Entry pass in tally fixed deposit but note matured

Attached File : 1880166 20220727115259 termdeposit.jpeg downloaded: 51 times

Priya Bhogle (2 Points)
Replied 13 October 2022

Do we need to pass monthly provision for the accrued interest and reversal?

Apurba Pandit (Owner) (0 Points)
Replied 03 June 2023

Yes, it is generally necessary to pass a monthly provision for accrued interest and reversal. This provision helps account for the accrual of interest expenses or income that has been earned but not yet received or paid. By recognizing this accrual, financial statements can reflect a more accurate representation of the company's financial position and performance.