JOURNAL ENTRY FOR INTREST ACCRUED ON FD
Guest
i faced a problem in audit....one of our client has passed following journal .he has deposited 12lac for 3 years as fixed deposit with HDFC bank...at 31 st march he received intrest statement stating 50000 as intrest accrued on above and 5000being TDS deducted.total FD value being 12.5 lac..he passed following journal
TSD(receivable) 5000 Dr.
Intrestreceivable 45000 Dr.
To intrest accrued on FD(indirect income) 50,000
i found it right but my question is it will affect p/l a/c ...as i heard interest on fd must be capitalized in to FD balance in balance sheet.... if above entry how will it be capitalized????????
By doing this you have treated it as an income and also u have increased the amount of the FD.
Guest
TDS a/c Dr .............5000
to Interest on TDR .........50000
being the amount received / credited to original TDR of 12L amounting to 1245000( 12L + 45000 interest) as on now after deducting TDS of 5000
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