Fd treatment in proprietorship firm
This query is : Resolved
sapna agarwal
(Querist)
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....
CA Deepak S
(Expert)
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
CA. Krishna K Neeraj
(Expert)
09 January 2012
FD should be shown under Investment head in Asset side
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