Forums
Back
Npo
Accountancy
In this sum can we assume that interest on investment has been received but not recorded in receipt & payment account? Otherwise can we assume that it has been due and it has been recorded in our assets?
Answers (3)
Dhakshana Dhakshana
If int on investment is received it will be in receipt side here it is not so it is not received...but 5% on investment is receivable so cr in income and expenditure account and put the due amount in balancesheet as receivable
But may be interest has not been recorded in receipt &payment account like advance subscription & outstanding subscription of this year has not been recorded in receipt & payment account
Interest on Investment they received or not,no exact information is given so that is receivable Interst on Investment receivable Dr. 1350 To Interest on Investment. 1350 (Beeing amount due for the current year recorded) Interest on Investment receivable is asset show it in asset side and interest on Investment is Income show in Credit side of income and expenditure account....
