journal entry for accrued interest if reinvested
This query is : Resolved
CA Abhishek Singh
(Querist)
19 January 2011
ABC CO-OP HOUSING SOCIETY collected Rs.50000/- as sinking fund. this amt is credited to sinking fund reserve a/c.
as per rules this amount should be invested.
company has invested Rs.50000/- in bank FD for 6 month on 01/01/2010. on 31st march suppose accrued interest is Rs.500/-. what will be the accounting entry on 31st march.
as per rules this amount should be invested.
company has invested Rs.50000/- in bank FD for 6 month on 01/01/2010. on 31st march suppose accrued interest is Rs.500/-. what will be the accounting entry on 31st march.
C.A.Javid Patel
(Expert)
25 January 2011
The entry will be
Accrued Interest on FD a/c Dr. 500
to Interest received a/c 500
Accrued interest under the head Other current assets and Interest received in the head indirect income.
Accrued Interest on FD a/c Dr. 500
to Interest received a/c 500
Accrued interest under the head Other current assets and Interest received in the head indirect income.
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