Fixed deporsit maturity entry.

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SUMUKHGB (Querist)
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23 January 2013 Can anyone guide me regarding 'Fixed deporsit Maturity entry' by considering the example..
Opening balance (1-4-12)of FD rs.250000
date of maturity 30-9-2012
maturity value rs.280000

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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23 January 2013 Opening Balance as on 1.4.2012 Rs.250000/- not mentioned whether only actual deposit amount or actual deposit plus interest accrued till 31.3.2012.

you need to check the same and pass the entries closing the FD account in your books on maturity date, difference between actual deposit & maturity will be treated as interest received

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SUMUKHGB

SUMUKHGB (Querist)
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24 January 2013 Sir, thank you.
250000 is initial deposit on 1-4-12
date of maturity or withdrawal is 30-9-12
amount 280000. interest accrued is 30000. Forn 15h is not given to the bank hence TDS not reflected.
so how should i pass entries on 1-10-12. ??

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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24 January 2013 if you submit the form 15h then Bank will not deduct TDS. entry will be

Dr: Bank Rs.2800000
Cr: FD Rs.2500000
Cr: Interest Rs.300000

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