Fixed deposite and tds treatment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 June 2013
can anyone explain fixed deposite and tds with an example .....
my simple ex. suppose i start my b'ness with 100000 cash my entry will be
cash a/c dr 100000
to capital 100000
now suppose i invested rs.50000 in fdr having ROI @ 12% on 1/7/2012
fdr a/c dr 50000
to cash 50000
now come the question of accured interest of 9 month and its treatment
if i dr accured interest than what should i cr...
my simple ex. suppose i start my b'ness with 100000 cash my entry will be
cash a/c dr 100000
to capital 100000
now suppose i invested rs.50000 in fdr having ROI @ 12% on 1/7/2012
fdr a/c dr 50000
to cash 50000
now come the question of accured interest of 9 month and its treatment
if i dr accured interest than what should i cr...
CA. R. B. SAH
(Expert)
04 June 2013
Interest account should be credited
04 June 2013
Accrued Interest Account Dr Rs 4500
To Interest A/c Rs 4500
Here TDS will not be deducted by the bank since threshold limit of Rs 10000/- is not crossed. Had TDS been deducted entry would have been--
Accrued Interest Account Dr Rs 4050
TDS Receivable A/c Dr Rs 450
To Interest A/c Rs 4500
To Interest A/c Rs 4500
Here TDS will not be deducted by the bank since threshold limit of Rs 10000/- is not crossed. Had TDS been deducted entry would have been--
Accrued Interest Account Dr Rs 4050
TDS Receivable A/c Dr Rs 450
To Interest A/c Rs 4500
04 July 2013
Yes Interest a/c with gross then debit to bank and TDS
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