Interest not accounted for in books

DEAR EXPERT

KINDLY SUGGEST THE CORRECT JOURNAL ENTRIES

DURING THE FINANCIAL YEAR 2014/15 INTEREST ACCURED ON FDR REMAINED UNACCOUNTED IN THE BOOKS AND THE BALANCE SHEETS HAS FINALISED.

AND NOW THE MATTER IS CAME TO NOTICE AND ITR WAS REVISED FOR THE YEAR 2014/15 AND WHAT WILL THE CORRECT JOURNAL ENTRIES AS I HAVE DONE THE FOLLOWING ENTRIES.IS IT CORRECT OR NOT.

CAPITAL A/C CR      XXX

  TO FDR A/C                       XXX

KINDLY REPLY IF THE SAME IS CORRECT OR WHAT SHOULD BE THE CORRECT.

 

REGARDS

JAGJEET SINGH

Replies (1)

Assuming the entity is proprietorship firm, your entry would be in reverse like,

Fixed Deposit A/c Dr.

To Capital A/c

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