Please pass journal for accrued interest on 31-3 - 2018.
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Quick Summary
Accrued interest on FDR is recorded at year-end by recognizing interest income and corresponding receivable. TDS, if applicable, is recorded as asset. Entry depends on whether bank has deducted TDS or not; interest is accrued even if not received.
Accrued Int dr 7200 TDS dr 800 To Interest Income 8000
Beacuse Interest amt is less than 10000 therefore it is possibility that TDS is not deducted by bank in that case entry will be: Accrued Interest dr 8000 To Interest Income 8000
Interest received from Shivam 20000 per month how can I maintain his ledger in tally amount recived in account tell me a group also in which I should put? Please tell me this