Regarding fixed deposits
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 May 2013
1. How to calculate interest on fixed deposits when we are auditing a company having fixed deposits.
2. How to differentiate between accured & received & how to calculate that accured amount.
2. How to differentiate between accured & received & how to calculate that accured amount.
CA Vikas Acharya
(Expert)
04 May 2013
While auditing the best way to know all this to tell your client to provide a evidence i.e, interest certificate from the bank,
for the entry in books of accounts, this is what we always do in audit.
it's his duty to provide the same.
in that certificate the amount accrued and received are written separately.
though interest is calculated on the basis of quarterly compound basis and rate is differ from bank to bank.
for the entry in books of accounts, this is what we always do in audit.
it's his duty to provide the same.
in that certificate the amount accrued and received are written separately.
though interest is calculated on the basis of quarterly compound basis and rate is differ from bank to bank.
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