AS-9, Please help
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 January 2011
As per AS 9, interest income is recognised on time proportion basis. Suppose if the Fixed Deposit taken by the company is 1 crore @10% payable quarterly(interest accumulated quarterly, and then on principal amount + interest the next quarter interest is calculated), then, how will the interest be recognised?
Summary: FD principal amount:1Crore
Rate of Interest : 10%
Frequency of payment: Quarterly
Period of FD: 2 Years
Maturity Value: 12184030
Total Interest: 2184030
Option 1: Interest to be recognised for the year: 2184030/2
Option 2: Interest to be recognised when the interest amount is actually due... Quarter basis.. In the present case, Rs. 250000+256250+262656+269223= 1038129
please Help.
Summary: FD principal amount:1Crore
Rate of Interest : 10%
Frequency of payment: Quarterly
Period of FD: 2 Years
Maturity Value: 12184030
Total Interest: 2184030
Option 1: Interest to be recognised for the year: 2184030/2
Option 2: Interest to be recognised when the interest amount is actually due... Quarter basis.. In the present case, Rs. 250000+256250+262656+269223= 1038129
please Help.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Treatment of Pension ?annuity returns on PMVY
- Soyabean hsn code and gst rate
- Regarding IMS Mandatory from 1st July 2026
- Last year TDS Claim
- LTCG on switch of units
- Salary and pension received from Asian Development Bank
- Short Term Capital gain on shares bought and sold after 2018 onwards
- One Post a Week Done Right Beats Seven Done Wrong
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR 2 Short Term gain & Long term gain
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
