accounts
This query is : Resolved
Querist : Anonymous
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
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
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
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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