GST Practitioner & Accounts
15085 Points
Posted on 24 August 2020
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 )