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Accounting

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 August 2014 Hello Sir/madam,
Now a days Savings a/c have one facility of auto sweep.
i want to know that how it appears in books of a/c of individual...
and what about its interest?

plz ans.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
06 August 2014 its just a transfer entry of money moving to deposit a/c
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Rupesh Jain

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Rupesh Jain (Expert)
06 August 2014 SB a/c intt under the income from other sources.
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Rupesh Jain

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Rupesh Jain (Expert)
06 August 2014 SB a/c intt taxable under the income from other sources.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
06 August 2014 he is not asking about taxation part..........
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
06 August 2014 ideally, you should make a corresponding entry by credit the saving bank a/c (in your books) and debiting the deposit a/c (in your books).

In balance-sheet, given the current nature of both the accounts, both shall be clubbed under "Balance with Banks"
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