Our company deposited an amount of 20000 as FD . After the maturity period we

Our company deposited an amount of 20000 as FD . After the
maturity period we are not received any interest and the
bank deducted 2938 amount as TDS from our interest and added
the interest to the principle amount and renewed the FD.
then what is the journal entry for the same.

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Our company deposited an amount of 20000 as FD . After the maturity period we are not received any..

Answer / madhukar nimbalkar

first you have to inform to bank we have not any amount
credited in our fd account of interest and you deduct tds
from bank interest which is not credited to our account so
you request to your bank in writing please credit our fd
interest then you can decide what should be entry in journal

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Our company deposited an amount of 20000 as FD . After the maturity period we are not received any..

Answer / deepika

Tds receivable -2938
To interest on fd received-2938

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