banner_ad

Accounts query

This query is : Resolved 
Profile Image

Profile Image

(Querist)
31 August 2013 Comment on following:
A Company has given fixed deposit of Rs 1, 00,000 to a Bank for one year at 10% pa.
On 01-07-2011. The Accountant does not take interest in to account of 2011-12 on the
plea that deposit has not yet matured
Profile Image

CA Siddhartha Bhardwaj

Profile Image

CA Siddhartha Bhardwaj (Expert)
31 August 2013 Books of accounts are to be maintained on accrual basis.

As per accrual basis incomes and expenses are required to be accounted as and when they arise and NOT when it is actually received.

Interest on FDR accrues on a quarterly basis. So it is to be accounted on a quarterly basis as per FOrm 16A received from the bank.

Further, if TDS is not deducted by bank, then interest is required to be accounted at the end of the year on the basis of the interest certificate received from the bank.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details