Accrued interest on fixed deposits
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 March 2013
Sir,
An educational Institution accounts interest on fixed deposits on recipt basis. This year it is proposed to change the method of accounting from recipt basis to accrual basis. Interest is accrued on quarterly basis. Let me know as to how to treat the same in the books of accounts and give the corresponding calculations with an example.
An educational Institution accounts interest on fixed deposits on recipt basis. This year it is proposed to change the method of accounting from recipt basis to accrual basis. Interest is accrued on quarterly basis. Let me know as to how to treat the same in the books of accounts and give the corresponding calculations with an example.
CMA Ramesh Krishnan
(Expert)
19 August 2013
you can download from interest calculation from files section
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