Interest income accrual
This query is : Resolved
19 January 2013
Hi
I am closing books for january on 27th as per our close calender. In this case while accruing interest income,should i accrue for the entire month or till 27th jan and why?
I am closing books for january on 27th as per our close calender. In this case while accruing interest income,should i accrue for the entire month or till 27th jan and why?
CA Priyank Singhi
(Expert)
19 January 2013
Since the account closing is for the 31st the accrual entries will pass till the 31st. It does not depend on when you pass the entries but depends on when is your books of account closing.
CA Prashant Gupta
(Expert)
19 January 2013
it depend on ur rules/policies of your co and as per previous practice.
I think you are asking for MIS purpose
so follow the previous month practice.
if this is first time then take till 31st jan
I think you are asking for MIS purpose
so follow the previous month practice.
if this is first time then take till 31st jan
19 January 2013
if your months ends at 27th than there is no way but to close books on this data only, calendar month is not relevant.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- Gst registered proprietorship firm
- TDS on purchase of under construction property from a reseller
- GST Intimation due to Government took possession of Business Premises under PPE Act
- TDS on Fixed Assets purchased
- Non filing of I T Returns
- Capitalgain tax purposes for valuation report compulsory
- SALARY CAN BE CAPITALIZE
- TAX AUDIT ON PROFESSIONAL INCOME
- Under marginal scheme
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
