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.
"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/-......
CAclubindia
