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A/cing Entries

Deepak Kumar (CA Final Student) (62 Points)

03 January 2008

Write me the Journal Entries of these transactions :-
1) Interest Accrued and Due?
2) Interest Accrued but not Due?

Happy New Year To All Of You?

Deepak

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30 Replies

laxman (ASST.MANAGER) (36 Points)
Replied 03 January 2008

Due means what? receivable or payable!

laxman (ASST.MANAGER) (36 Points)
Replied 03 January 2008

Due means what? receivable or payable!

Deepak Kumar (CA Final Student) (62 Points)
Replied 03 January 2008

If i will tell Meaning of Due then what u understood from question.

Deepak Kumar (CA Final Student) (62 Points)
Replied 03 January 2008

This is Question Of One of Interview in MNC. You are asked to reply it without counter question.

(Guest)

I suggest u to ask this question to that interviewer! He might be solve ur query. If u want to answer for ur query ,in this forum ,u must give clarification(whether its receivable or payable?

(Guest)

interest accrued and due means you must pay the interest to banker. interest accurued and not due means you need not pay to banker. interest accurued and due shows under the head current liabilities interest accured but not due shows under the head lons, add a particular loan account

CA Mohit Mohan (c.a. profession) (557 Points)
Replied 12 January 2008

i wonder what people think about this stupid question. accounting entry will be same but treatment will be diferent in balance sheet......

srinivas (humble devotee of saraswati) (885 Points)
Replied 12 February 2008

1.if interest has accrued and due, then it is treated as revenue 2. if interest has accrued but not due it is treated as current asset or current liability depending upon whether the interest is receivable or payable

CA. SUDHARSAN K G (Chartered Accountant) (472 Points)
Replied 14 February 2008

If it is from the view of the payer: 1.Entry for Interest Accrued and Due Interest Accrued but not due Dr To Cash/Party 2) Interest Accrued but not Due Interest Accrued but not due A/c Dr. To Interest

CA. GOPAL SONIKA (CHARTERED ACCOUNTANT) (1426 Points)
Replied 17 February 2008

Entries for both the heads are same i.e., Debit Interest Credit Accrued Interest. However, disclosure as per Schedule VI is different.

A____ __A (Student All-ways) (275 Points)
Replied 26 February 2008

1) Interest Accrued and Due? ans:- intrest accured so you should pay it but its due so we have not paid it yet mean its our current liabilities. effect: you shd add the new amount to old intrest and will be shown in b/s in left side.(current year) 2) Interest Accrued but not Due? intrest has accured but has not due yet so no entry for it