Accrued interest on fdr accounting

Ajit Y. Bhobe (Accounts Executive) (26 Points)

09 June 2012  

 

Please any body help me in this

 

In current f.y. 2012-13 Interest received and credited to bank amounts to Rs. 13500 ( Where interest amounts to Rs. 15000 less 1500 tds)

Of this amount of Rs. 15000.   interest accured is Rs. 10,000 less tds 1000 net 9000 ( Rs. 9000 interest is of previous year 2011-12

So entry in previous year where interest is added to FDR

FDR A/c  Debit                        Rs.  9000

TDS on FDR Interest Debit.     Rs. 1000

Interest on FDR            Credit               Rs. 10000

 

What will be the entry in current year

Should I have to credit the entire 13500 to interest Account

TDS on FDR interest Debit          500

Bank A/c                                  13,500

Interest on FDR   ( 9000 Net interest of previous year +5000) credit Rs. 14000

Please advice if it is correct

 

Ajit Bhobe