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Earmarked funds and earmarked investment- journa lentries
Can you please provide journal entries for
1) creation of earmarked funds from reserves and surplus
2) investment of above funds in fixed deposit(earmarked investment)
3) recording of interest considering TDS receivable
Please note: Earmarked funds and earmarked investment must be tallied.
Replies (2)
1. Dr. Reserves
Cr. EarMarked Funds
(For Earmarked funds creation)
2. Dr. Fixed Deposit
Cr. Bank
(For Fixed Deposit investment)
3. Dr. Bank
Dr. TDS Receivable
Cr. Interest Accured from the fund.
( For Interest Accural)- The Interest accural should be classified under Liability and not to be considered as Income in the P&L.
IT dept will give refund or demand tax on the overall income of the trust. how to find out refund is for a particular fund, when there are many funds deposits and many TDS?
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