Required journal entry on Interest on Fixed Deposite?
Suppose Fixed Deposite is Rs.30Lcks
and every month bank paying interest on that and the same again reinvested into that...
How to book these entries in Tally?
Fixed Deposite A/c Dr.(monthly)
To Accrued Interest A/c (monthly)
pass this entry every month with monthly interest
and at the year end reverse accrued entry with;
Accrued Interest A/c Dr.(yearly total)
To Interest Income A/c (yearly total)
Whether these entries are correct?
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