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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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Answer Posted / deepika
Tds receivable -2938
To interest on fd received-2938
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M/s ABC Brothers, which was registered in the year 2000, has been following Straight Line Method (SLM) of depreciation. In the current year it changed its method from Straight Line to Written Down Value (WDV) Method, since such change would result in the additional depreciation of Rs. 200 lakhs as a result of which the firm would qualify to be declared as a sick industrial unit. The auditor raised objection to this change in the method of depreciation. The objection of the auditor is justified because (a) Change in the method of depreciation should be done only with the consent of the auditor (b) Depreciation method can be changed only from WDV to SLM and not vice versa (c) Change in the method of deprecation should be done only if it is required by some statute and change would result in appropriate presentation of financial 6 statement (d) Method of depreciation cannot be changed under any circumstances
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