an income
fixed deposit A/c dr. to int on fixed deposit
yes
Yes of course, the interest on a fixed deposit is revenue because revenue is something owed but not yet paid. Hence, we can call it as revenue. Many Banks such as Axis, ICICI, IDBI and NBFCs like Bajaj Finserv are offering good interest on fixed deposit which can be called as revenue.
A fixed deposit is a financial instrument provided by banks or NBFC's which provides investors with a higher rate of interest than a regular savings account.
Hi, Fixed Deposit : Deposit certain amount for certain period of time either monthly/yearly and fetching of amount is optional. If you need to get the FD amount in 1 year (example), interest will be added with the actual amount . The interesting rate is depends on your bank. Recurring Deposit : Deposit fixed amount in regular time period. At final you will get the total amount with specific interest.
To the depositor, it is an income but to the bank or institution providing the fixed deposit as a product, it is an expense.
To make a journal entry for provision on interest on fixed deposit, you would debit the Provision for Interest on Fixed Deposit account to recognize the expense and credit the Interest Income account to reduce the income earned on the fixed deposit. This adjustment ensures that the financial statements reflect the estimated liability for future interest payments accurately.
Formula for times interest earned = earning before interest and tax / interest expense Times interest earned = 32000 / 8000 = 4 times
how to calculate Recurring deposit interest ?
fixed deposit A/c dr. to int on fixed deposit
Fixed interest means that the interest on a loan or deposit does not change as the result of market fluctuations.
both.. balance sheet under liquid asset..income statement under inflow/income..
yes
Fixed deposit interest rates is a guaranteed interest rate for the entire term of an investment. They allow for the customer to earn high interest rates.
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Fixed deposit interest is calculated using the simple interest concept Interest = (principal * no. of years * rate of interest) / 100 principal = the amount you deposited rate of interest = the amount in % Ex: Deposit amount - 10,000 Rate of interest = 10% no of days = 365 Interest = (10000 * 365 * 10) / (365*100) = 1000
Yes of course, the interest on a fixed deposit is revenue because revenue is something owed but not yet paid. Hence, we can call it as revenue. Many Banks such as Axis, ICICI, IDBI and NBFCs like Bajaj Finserv are offering good interest on fixed deposit which can be called as revenue.