Enty for tds

A/c entries 576 views 5 replies

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

Replies (5)

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

 

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

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..

Jishnu Surendan is correct, when Interest gets added to FD.  Since it is not credited to your bank a/c.

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.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register