INTEREST ON CC FOR MARCH, 2020 NOT CHARGED BY BANK

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student
36 Points Posted on 17 October 2020

If bank has not charged interest on cc account for march , 2020 but charged in june, 2020 .

 

So, how we can show it on 31.03.2020  in our books ?

 

Kindly guide with its entry.

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On 17 October 2020 at 12:52 Report
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Quick Summary
This discussion addresses how to account for credit card interest that was charged by the bank in June 2020, despite relating to March 2020. The consensus is to show this as a provisional entry for interest accrued but not yet paid in the March accounts. This ensures accurate financial reporting for the period the interest was incurred.

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"Do the Right Thing...!!!"
128157 Points Posted on 17 October 2020
Better to show the interest as provisionally in March...
1 Reply
On 17 October 2020 at 13:21
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student
45 Points Posted on 17 October 2020
It has to as interest accrued but not paid
1 Reply
On 17 October 2020 at 14:02

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