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Fdr

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 January 2012 What journal entries are passed in account books related to FDR. What is Interest accrued on FDR and its treatment. How the amount is to be shown in Balance sheet/P&L Account in respect of FDR, TDS, Interest, Interest accrued on FDR etc. Please advice with an example.

Thanks for your cooperation
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
27 January 2012 FDR A/c Dr.
To Bank A/c

Interest is paid on FDr at the time of maturity. However, it accrues on a monthly basis and the bank deducts TDS on such interest on a monthly basis.

Now, TDS certificate has to be issued on a quarterly basis.

Entries will be as under:

Accrued Interest on FDR Dr
TDS Receivable Dr.
To Interest

Accrued Interest and TDS receivable shall be shown on the asset side of the Balance Sheet and Interest shall be shown on the credit side of the P&L.
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