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Interest on asset

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Chintan Patel

Chintan Patel (Querist)
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18 December 2011 what will be the journal entry for interest earned on an asset and why?
as per my books it is
ASSET A/C....DR
TO INTEREST A/C

HERE INTEREST IS NOMINAL A/C, SO IT IS CREDITED BUT WHY IS ASSET IS DEBITED???
HERE BY EARNING INTEREST, THE VALUE OF THE CONCERNED ASSET IS NOT INCREASING THEN WHY IT IS DEBITED???

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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18 December 2011 Interest received on asset is revenue income. so you can dr:party or cash and cr:Interest received a/c

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anurag (Expert)
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18 December 2011 Agree with the expert..
Bank Dr
Interest Income Cr

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