Give Journal Entry for "Interest Received from Bank"
and give description with Accounting rules
- 27 Answers
- 120702 Views
- ABC, GEE, Genpact, I also Faced
- E-Mail Answers
Answer Posted / varun adhikari
Bank A/C Dr.
To Interest Income A/C.
(Being interest received)
| Is This Answer Correct ? | 1 Yes | 0 No |
Post New Answer View All Answers
over draft balance as per cash book (journal entries needed) a,cheques deposited in bank but no entry was passed in cashbook b, credit side of the bank, column cash short c, chques received but not sent to bank d, insurance premium paid by bank as per standing instructions e, credit side of bank, coloumn cash short f, bank charges entered in cash book twice g, cheques received returned by bank but no entry passed h, cheques issued returned on technical grounds i, bills directly collected by bank j, bank charges debited by bank k, cheques received entered twice l, bills discounted dishonoured
how to enter the tender refund amount in tally ?
Real,Nominal or Personal. Where do reserves, general reserve and Specific Reserve Go? and why?
A Lorry driver damaged shed shutter and we deduct 2000/- from his freight amount now what is the head for the Deducted amount?
Assigning natural account to accounting seg. What will happen
What do we mean by Redemption of shares and debentures?
Explain financial accounting. What are its characteristic features?
How to Automate requirment mapping in QC?
What are the basic assumptions in accounting?
WHAT ELEMENTS OF YOUR JOB JNTEREST YOU THE MOST AND LEAST?
How does Cheques work while processing it in SAP? What are the effects and the methods.
what are voucher entries for EPF treatment in tally
sir i am working in construction company.we have more than one projects.i enter the attendance projectwise in payroll.if payroll autofill i want project wise salaries not overall
suppose we received goods from H.O.The sisterconcern received it.wat will be the entries if tge S.C.sells it from here.
Case Study: Deepak Hand tools Private Limited DHPL is a small sized firm manufacturing hand tools. It manufacturing plan is situated in Haryana. The company’s sales in the year ending on 31st March 2007 were Rs.1000 million (Rs.100 crore) on an asset base of Rs.650 million. The net profit of the company was Rs.76 million. The management of the company wants to improve profitability further. The required rate of return of the company is 14 percent. The company is currently considering an investment proposal. One is to expand its manufacturing capacity. The estimated cost of the new equipment is Rs.250 million. It is expected to have an economic life of 10 years. The accountant forecasts that net cash inflows would be Rs.45 million per annum for the first three years, Rs.68 million per annum from year four to year eight and for the remaining two years Rs.30million per annum. The plant can be sold for Rs.55 million at the end of its economic life. The company would need to raise debt to the extent of Rs.200 million. The company has the following options of borrowing Rs.200 million: a. The company can borrow funds from a nationalized bank at the interest rate of 14 percent for 10 years. It will be required to pay equal annual installment of interest and repayment of principal. b. A financial institution has offered to lend money to DHPL at 13.5 per annum but it needs to pay equated quarterly installment of interest and repayment of principal. Questions: 1. Should the company expand its capacity? Show the computation of NPV 2. What is the annual installment of bank loan? 3. Calculate the quarterly installments of the Financial Institution loan 4. Should the company borrow from the bank or from the financial institution?
