J.V. of recurring deposits & it's int.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 November 2010
Dear Sir,
Pls advice, If I had fixed saving with GPO. after six yrs. it's matured & we have recd.Bonus on it. Meanwhile int. on it deposited in recurring deposit itself & we recd int. on recurring deposit.
Now suggest me which entries I have to pass for 1)int. on our main deposit not shown in our a/c but it is directly deposited in recurring a/c. 2) bonus recd on deposit. 3) Int. recd. on recurring deposit.
it's urgent.
Thanks.
Pls advice, If I had fixed saving with GPO. after six yrs. it's matured & we have recd.Bonus on it. Meanwhile int. on it deposited in recurring deposit itself & we recd int. on recurring deposit.
Now suggest me which entries I have to pass for 1)int. on our main deposit not shown in our a/c but it is directly deposited in recurring a/c. 2) bonus recd on deposit. 3) Int. recd. on recurring deposit.
it's urgent.
Thanks.
CA PARAS BAFNA
(Expert)
20 November 2010
1. For the FD Interest which is transferred to RD A/c -
Dr Post Office RD A/c 5555
Cr Interest on Fixed Saving s A/c 5555
2. AT the time of Receiving Fixed Saving with Bonus : ( Bonus is also treated as Interest)
Bank A/c Dr 8880
To Interest on Fixed Savings 880
To Fixed Savings A/c 8000
3. RD A/c Dr 3330
To Interest on RD A/c 3330
( Figures taken are imaginary)
Dr Post Office RD A/c 5555
Cr Interest on Fixed Saving s A/c 5555
2. AT the time of Receiving Fixed Saving with Bonus : ( Bonus is also treated as Interest)
Bank A/c Dr 8880
To Interest on Fixed Savings 880
To Fixed Savings A/c 8000
3. RD A/c Dr 3330
To Interest on RD A/c 3330
( Figures taken are imaginary)
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