it's urgent !journal entries ?
This query is : Resolved
16 June 2011
a pvt ltd co. made fixed deposit for 1 year on 01/10/2010 carrying int@7.25%.
but company withdrew the fd on 15/04/2011. interest credited on 31/3/2011 @7.25% & deducted tax @10% .
however they paid interest @3.25% from 01/10/10 to 14/04/2011 since the fd was withdrawn before 1 year.
my querey:
1. How journal entry should be passed on 31/03/2011 ie. @7.25% or 3.25%
if @7.25% then which account should be debited at the time of receipt of payment for the difference of interest not received on 15/04/2011.
urgenlty waiting for your reply.
thanks in advance
but company withdrew the fd on 15/04/2011. interest credited on 31/3/2011 @7.25% & deducted tax @10% .
however they paid interest @3.25% from 01/10/10 to 14/04/2011 since the fd was withdrawn before 1 year.
my querey:
1. How journal entry should be passed on 31/03/2011 ie. @7.25% or 3.25%
if @7.25% then which account should be debited at the time of receipt of payment for the difference of interest not received on 15/04/2011.
urgenlty waiting for your reply.
thanks in advance
23 June 2011
Sir,
We have deposited money as FD in the Bank.
How can I pass the entry. Under which group it comes. Could you tell me the Journal if it should be pass.
We have deposited money as FD in the Bank.
How can I pass the entry. Under which group it comes. Could you tell me the Journal if it should be pass.
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