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Querist : Anonymous

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Querist : Anonymous (Querist)
18 June 2011 If one has taken Sweep in facility from a bank , then Please tell me How should the FD be shown in the asset side.
Exp
FD B4 sweep in 3097000 (1548500 Each)
there are so many sweep in , interest on sweep in and TD recovered.

how it should be shown after sweep in facility
please give me example also
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RAJIV VIJ

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RAJIV VIJ (Expert)
18 June 2011 When Purchased

you need to show in the assets side only the amount of FD when it purchase

on all sweep in

reduce the amount of FD crdited back to your account

Bank always credit Interest Amount and Sweep in amount separatly

entries will be
when FD made

Fixed Deposit Account Dr. XXX
To Bank Account XXX

When FD swep

Bank Account Dr. (With the total amount credited) XXX

To Fixed deposit Account XXX
To Interest Recd on FD A/c XXX
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