Fd treatment in proprietorship firm
This query is : Resolved
08 January 2012
Please tell treatment of Fixed deposit in books of accounts in case of proprietorship firm. Would it deducted from capital account or it will be shown on asset side. please tell all journal entries to be passed
08 January 2012
It will be shown in the assets side...
At the time of making an FD...
Fixed Deposit in SBI A/c Dr...
To Bank....
Passing interest entry....
Fixed Deposit in SBI A/c Dr.....
TDS Receivable A/c Dr...(In case TDS Ded.)
To Interest on FD A/c.....
On Maturity...
Bank A/c Dr.....
To Fixed Deposit in SBI A/c....
At the time of making an FD...
Fixed Deposit in SBI A/c Dr...
To Bank....
Passing interest entry....
Fixed Deposit in SBI A/c Dr.....
TDS Receivable A/c Dr...(In case TDS Ded.)
To Interest on FD A/c.....
On Maturity...
Bank A/c Dr.....
To Fixed Deposit in SBI A/c....
09 January 2012
Adding to the above,
In case the bank is not crediting the interest periodically in your account you can show the interest entry as
Interest earned but not due A/c Dr
TDS a/c dr
To Interest received on FD A/c
In case the bank is not crediting the interest periodically in your account you can show the interest entry as
Interest earned but not due A/c Dr
TDS a/c dr
To Interest received on FD A/c
09 January 2012
FD should be shown under Investment head in Asset side
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
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- TDS Challan Code
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Relief u/s Section 89
- Nomination of Bank for refund in itr 2
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- STCG on ETF gold & silver
- E way bill for tractors
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
