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How to enter FD(fixed deposit) entries in Tally


I have taken new FD(fixed deposit) rs.5000 from my bank account for 3 years with 8% cumulative interest on it. Now how shoild i passed entry for this FD in tally. How will i make entry for interest on FD.
Should i make following entries:
1) FD 5000 Dr.
to Bank a/c 5000
2) FD 400
to interest on FD 400
(being inteest in FD)

does i am correct??

 
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chartered accountant


for f.d

bank a/c dr

to cash 

and for interest 

bank a/c dr 

to interest a/c 

 
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Say you have made fixed deposit with SBI Bank

1st year:

1) Fixed Deposit with SBI...............Dr.
    To, Bank/Cash A/c

2) Accrued Interest on FD..............Dr.
     To, Interest on FD

2nd Year:

1) Accrued Interest on FD.............Dr.
     To, Interest on FD

3rd year:

1) Accrued Interest on FD.............Dr.
     To, Interest on FD

2) Fixed Deposit with SBI.............Dr.
     To, Accrued Interest on FD

3) Bank A/c...................Dr.
     To, Fixed Depsit with SBI


Total thanks : 5 times

 
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Originally posted by : Deep @ k Gupt/\

Say you have made fixed deposit with SBI Bank

1st year:

1) Fixed Deposit with SBI...............Dr.
    To, Bank/Cash A/c

2) Accrued Interest on FD..............Dr.
     To, Interest on FD

2nd Year:


1) Accrued Interest on FD.............Dr.
     To, Interest on FD

3rd year:

1) Accrued Interest on FD.............Dr.
     To, Interest on FD

2) Fixed Deposit with SBI.............Dr.
     To, Accrued Interest on FD

3) Bank A/c...................Dr.
     To, Fixed Depsit with SBI

 

Under which head should i enter Accrued Interest on FD in tally....

as FD will come under deposits and interest comes under indirect income so

Accrued Interest on FD comes under???????


Total thanks : 1 times

 
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Accrued Interest on FD - Current Assets


Total thanks : 1 times

 
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ALWAYS READY TO LEARN NEW THINGS

Originally posted by : Deep @ k Gupt/\

Say you have made fixed deposit with SBI Bank

1st year:

1) Fixed Deposit with SBI...............Dr.
    To, Bank/Cash A/c

2) Accrued Interest on FD..............Dr.
     To, Interest on FD

2nd Year:


1) Accrued Interest on FD.............Dr.
     To, Interest on FD

3rd year:

1) Accrued Interest on FD.............Dr.
     To, Interest on FD

2) Fixed Deposit with SBI.............Dr.
     To, Accrued Interest on FD

3) Bank A/c...................Dr.
     To, Fixed Depsit with SBI

 
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Chartered Accountant


At time of making Fixed Deposist

Fixed Deposist A/c .....Dr 5000

To Cash/Bank      ....... Cr             5000

 

Interest Accured Rs 1000 (And no TDS deducted)

Fixed Deposist A/c    ..Dr   1000

To Interest                  ..Cr              1000

 

Interest Accured Rs 1000 and TDS deducted Rs 100

Fixed Deposist         Dr   900

TDS                            Dr   100

To Interest                Cr           1000

 

 

 


Total thanks : 2 times

 
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Originally posted by : saurabhjain

At time of making Fixed Deposist

Fixed Deposist A/c .....Dr 5000

To Cash/Bank      ....... Cr             5000

 

Interest Accured Rs 1000 (And no TDS deducted)

Fixed Deposist A/c    ..Dr   1000

To Interest                  ..Cr              1000

 

Interest Accured Rs 1000 and TDS deducted Rs 100

Fixed Deposist         Dr   900

TDS                            Dr   100

To Interest                Cr           1000

 
 

Question of TDS receivable does not arise since interest from bank is below the threshhold limit of 10,000 w.e.f. 01.07.2010 but in any other case it crosses the limit then the following entry should be passed each year.

Accrued Interest on FD..............Dr         (In case of no TDS)
     To, Interest on FD

Accrued Interest on FD..............Dr         (In case of TDS)
TDS On FD Interest....................Dr
To, Interest on FD

 



 
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CA Final Student


@ Deepak Gupta - Bhai tu bahut hi bhari aadmi hai...

 
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Originally posted by : Tanay

@ Deepak Gupta - Bhai tu bahut hi bhari aadmi hai...

Thanks for the reminder yaar......bohut din se apna weight check nahi kiya......


Total thanks : 1 times

 
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