Accounting Treatment on Bank Interest
This query is : Resolved
14 July 2008
Bank Had credited our account with interest twice on 31.03.2008, which was reversed on 01.04.2008, what will be the accounting treatment as interest received will be shown in books.
1)Should i show the interest amount as per bank or i should treat it as an extraordinary items as per AS 5
1)Should i show the interest amount as per bank or i should treat it as an extraordinary items as per AS 5
14 July 2008
You have to consider once only and ignore the other as an ousstanding entry of Bank Reconciliation Statement which will be cleared against the reversal entry passed by the bank in the next year.
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