GST Practitioner & Accounts
14936 Points
Joined March 2014
In the month of March 2020 on 31 st march You have pass following entry in the Books of accounts
1) Bank Interest A/c Dr
Outstanding bank Interest 19-20 A/c Cr
( being interest payable to bank Outstanding at the end of the year )
Note - show Outstanding bank interest 19-20 under liability side of Balance sheet
In the next year Out standing Bank 19-20 Interest A/c will be carried forward as oping balance
2) In the month June 2020 you pass the entry
Outstanding bank Interest 19-20 A/c Dr
To Bank A/c Cr
( being interest of 19-20 recovered in June 2020 by bank )