Accrued interest
This query is : Resolved
JITENDRA KUMAR SHARMA
(Querist)
14 August 2017
How to entry pass when interest accrued & TDS has been deducted in previous year and interest received in current year.
Amol S Joglekar
(Expert)
14 August 2017
Debit interest accrued but not received A/c 90 (assumed).......................grouped under current asset
Debit TDS 2017-18.......................................10 (assumed).......................grouped under current asset
Credit Interest......................................................100 (assumed)..............grouped under income
(This entry to be passed at the instance of tax being deducted and appearing in 26AS or advice as the case may be)
Next year when Interest is received
Debit Cash/Bank as the case may be.........90
Credit Interest accrued but not received.............90
Debit TDS 2017-18.......................................10 (assumed).......................grouped under current asset
Credit Interest......................................................100 (assumed)..............grouped under income
(This entry to be passed at the instance of tax being deducted and appearing in 26AS or advice as the case may be)
Next year when Interest is received
Debit Cash/Bank as the case may be.........90
Credit Interest accrued but not received.............90
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