for fy 2011-12 depodit 50000/- and get interest on it 6000/- and tds deduct rs500/-
qurstion is what is the entry for interest recd and add in fd and there after tds deucuct
for fy 2011-12 depodit 50000/- and get interest on it 6000/- and tds deduct rs500/-
qurstion is what is the entry for interest recd and add in fd and there after tds deucuct
CA BARKHA MITTAL
(B.COM, CA)
(149 Points)
Replied 19 March 2013
When FD Opened with bank pass entry:
FD A/c Dr. 50000
To Bank A/c 50000
When Interest Received pass entry:
Bank A/c Dr. 5500
TDS Receivable Dr. 500
To Interest Received on FD A/c 6000
Jishnu Surendran
(Finance Manager)
(312 Points)
Replied 20 March 2013
Entry for interest on FD and TDS
FD A/c Dr. 5500
TDS Credit A/c Dr. 500
To Interest Received on FD A/c 6000
CMA RAVI
(ASSISTANT MANGER - FINANCE)
(478 Points)
Replied 21 March 2013
| Originally posted by : CA BARKHA MITTAL | ||
 |
When FD Opened with bank pass entry: FD A/c Dr. 50000 To Bank A/c 50000 When Interest Received pass entry: Bank A/c Dr. 5500 TDS Receivable Dr. 500 To Interest Received on FD A/c 6000 |
 |
totally agreed with this answer..
Nazia
(Asst Manager - Finance)
(139 Points)
Replied 21 March 2013
Jishnu Surendan is correct, when Interest gets added to FD. Since it is not credited to your bank a/c.
Jishnu Surendran
(Finance Manager)
(312 Points)
Replied 21 March 2013
No offence to the professionals, but interest on FD will never be credited to your bank account, otherwise instructed. For instance, the maturity value of a 5 year Rs. 5,00,000 FD will be Rs. 5,00,000 plus the interest compounded annually or semi - annually.
CAclubindia
