question

Tally 1039 views 3 replies

Please give give the accounting treatment in Tally 9, tell in detail, i need it very much.

Received interest on fixed Deposited with SBI of Rs. 20000. TDS deducred is @ 20%.

Replies (3)

Accounting Treatment is

FDR ( Investment)Dr. 16000(After deducted TDs @ 20% of 20000)

TDS ( Current Assets) Dr4000

To Interest from FD(Indirect Income) 20000

 

Originally posted by :Jyoti Malik
" Accounting Treatment is
FDR ( Investment)Dr. 16000(After deducted TDs @ 20% of 20000)
TDS ( Current Assets) Dr4000
To Interest from FD(Indirect Income) 20000
 
"

your entry is wrong,

in this case we received intrest through sbi

sbi a/c debit        16000  (bank a/c)

tds a/c debit          4000   (under duties and taxes)

intrest on fixed deposite credit    20000  (indirect income)

how this entry is treat in tally 9 with using journal voucher for tds means alt+s, my balance sheet in not matching)

is this any error.

As per my entry it is journal entry which we passed in books of account and FDR's value increased with that amount.

 

But we received in the bank : Entry was

sbi a/c debit        16000  (bank a/c)

tds a/c debit          4000   (This should be shown in Current assest as this is not our liability it is our assets)

intrest on fixed deposite credit    20000  (indirect income)

 


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