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Fixed deposit & its interest accounting

Accounting Entries 493 views 3 replies

i have a probem while accounting Fixed deposit & interest. I have an FD its opening balance is 42,50000 as on (01.04.2017) at the time of closing the financial year (31.03.2018) its interst accrued to 4,04725. but the interest is not received in Bank & not found in 26As. the interest portion is added back to FD.

How to Pass entries in Tally ?

Replies (3)
interest is accrued income and fd is current asset
You ll just add the Interest to FD Account which is above said...
Prepare a Ledger named as "INTEREST RECEIVED ON FD - INDIRECT INCOME"

prepare Journal as following;

Dr. FD Account - Rs. 4,04,725
Cr. Interest Received on FD - Rs. 4,04,725
Follow Raja sir answer............


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