Dear Members,
I have a Post Office PPF A/C.
I have Deposited Rs. 45000 in That A/C and get RS. 14570 as Interest During F. Y. 2016-17.
Now My Question is that Will Rs. 59570 Shown in Balance Sheet or not For the F.Y. 2016-17.
Menu
Post Office PPF Balance Shown in Balance Sheet.
Replies (11)
Thanks in advance
Obviously total balance with interest will come in balance sheet
Thanks
"Obviously total balance with interest will come in balance sheet"
Kindly understand the difference between balance sheet and Profit & Loss A/c
If you invest in PPF a/c that means you will get the amount in time of maturity. So you can declare the amount in Asset side in Balance Sheet................ Which is Rs. 45,000/-
But interest earn from from PPF is not your asset it's your income. So the income doesn't reflect in asset side of Balance Sheet.... Income shall be declare in P/L A/c..... Which is Rs. 14,570/-......
In sort to say:-
Rs. 45,000/- Asset -- Balance Sheet....
Rs. 14,570/- income--- P/L A/c......
Can I Show Rs. 59570 in Balance Sheet for the F.Y. 2016-17.
And Interest in Capital A/c
Dear Mr Paul, I think your basic double entry concept is very weak. Please tell when p&l will be credited with income what will come in debut?
Read debut as debit
Mr. Poltu,
U r forcing me to say about yr knowledge. Don't do this again...
U r forcing me to say about yr knowledge. Don't do this again...
Yes Mr Dhanraj, you can do so. This is the only treatment.
Simple sir debit ppf ac of balance sheet and credit profit and loss ac mentioning it as interest on ppf
Recent Topic
- CGAS account Holder Deceased
- ITR form suggestion
- Post office KVP income.
- Free GST invoice tool I built for my practice R
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
- Professional advance taxes
- Surrender pan process
Related Topics
CAclubindia
