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Fd in final accounts

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shashi

student

21 Points Joined January 2019

how to treat the following FD in final accounts--

10 % Fixed deposit (1-7-2017) 60,000

No adjustment is given regarding this and the ac/s close on 31 march 2018

(pls help me i am stuck should i consider it as an accrued income or in advance income or something else???)

Replies (2)

dear shashi,

please get the interest certificate of the FD from bank for f.y. 2017-18 and record the interest as per int. certi.

and entry would be

Fixed deposit a/c dr. ..................... xxx/-
TDS receivable a/c dr. (if any).........xxx/-
To Interest income a/c.....................xxx/-

or

Accrued interest a/c dr. ................ xxx/-
TDS receivable a/c dr. (if any).........xxx/-
To Interest income a/c.....................xxx/-.