Income from other sources - bank interest
This query is : Resolved
02 May 2011
Dear experts,
I would like to know in which Financial Year the following transaction falls:
In the bank statement I have this:
Date: 1 April 2011,
Description: Credit Interest
Value Date: 31 March 2011
Deposit Amount: xxxx.xx
Should I count the above deposit for the FY 2010-2011 or FY 2011-2012 ?
Thank you.
I would like to know in which Financial Year the following transaction falls:
In the bank statement I have this:
Date: 1 April 2011,
Description: Credit Interest
Value Date: 31 March 2011
Deposit Amount: xxxx.xx
Should I count the above deposit for the FY 2010-2011 or FY 2011-2012 ?
Thank you.
CA SAURABH GARG
(Expert)
02 May 2011
You have to book this amount in FY 2010-11
More over even if bank have not credit this amount in your account you have to take this income in FY 2010-11 as accrued income.
Go for matching concept.
More over even if bank have not credit this amount in your account you have to take this income in FY 2010-11 as accrued income.
Go for matching concept.
Message likes :
1 times
CA. Krishna K Neeraj
(Expert)
03 May 2011
YOU CAN SHOW IT IN FY 2010-11 IF INTEREST IS ACCOUNTED CASH BASIS OTHERWISE IT SHOULD BE IN FY 2011-12 IF INTEREST IS ACCOUNTED ACCRUAL BASIS.
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