A balance sheet of the company shows as laibility Interest accured but not due.
but in the next year...a accountant pass entry as....
interest accured but not due Dr..
to interest a/c
(Note :interest a/c is an Income of the firm.)
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interest accured but not due
Replies (1)
It seems that the accountant has passed this entry because as per AS & ICDS income should be booked on accrual basis
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