Fixed deposit
This query is : Resolved
Guest
Guest
(Querist)
16 August 2012
What is the accounting treatment of Fixed deposit & interest received therefrom????
CA CS Amit S. Kedia
(Expert)
16 August 2012
Interest Accrued on Fixed deposit is shown under other current or non current assets.
TDS is deducted at the time of accrual of interest on such FD.
Accounting entry;-
FD A/c Dr
To Bank A/c
Interest Accrued A/c Dr.
TDS receivable A/c Dr
To Interest Income
TDS is deducted at the time of accrual of interest on such FD.
Accounting entry;-
FD A/c Dr
To Bank A/c
Interest Accrued A/c Dr.
TDS receivable A/c Dr
To Interest Income
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