If the FD of Rs. 52,00,000 is booked on 8th December 2022 and is matured on 8th December 2023.
Further at the time of closing the books for 31st March 2023 the bank generated interest certificate as on 31st march 2023 showing as 84,625 as Interest amount which is not yet received in the bank, TDS as 8,210.20 and Accrued Interest as 22,908
What will be the Journal entry for the same as on 31st March 2023?
So did you receive 84625? If so accrued interest is a current asset. Put it into receivables.
When you closed the FD
Dr. Company bank
Cr. ICICI
When you received periodic interest
Dr. Company bank
Cr. Finance income
When it's pending
Dr. Receivables/accrued interest
Cr. Finance income
Forgot TDS entries for this.
Maybe
Dr. Accrued interest 95
Dr. TDS receivable
Cr. Finance income
Chirag N Shah & Associates
Mumbai
CA Inter
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