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.
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