Tds on accured interest on fd

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Vijay Vishwanath (Querist)
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08 May 2013 Dear Sir,

we have more than 4 FD Accounts and they will be matured on next accounting year and for this accounting year ends on 31-3-2013 so accrued interest on all the above fd accounts to be passed in my books along with TDS.
please check this entry is correct and if it is not so then please make correction and guide me.
1)Accrued interest.....Dr(Current Assets)
Interest on FD ........Cr(Income)

2) TDS Receivable.....Dr
Accrued Interest.....Cr

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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09 May 2013 Yes, your entries is correct. However instead of passing of above two entries you can pass only one compound entry as follows

Accrued Interest a/c dr (with after TDS deducted amount)
TDS receivable a/c dr (with TDS amount)
TO Interest on FD a/c (with Total interest amount)

(Being interest on FD s accrued for the year XX-XX and TDS deducted by the bank recognised in the books)

OM SAI SRI SAI JAI JAI SAI

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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23 June 2013 I agree with the expert

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