Question

received bank interest to the bank having credited the interest to our account in accounting equation​

Answer 1

Answer:

The journal entry for interest received from Bank is thus:

Bank A/c …Dr.

To Interest A/c

(Being interest received from Bank in bank account)

Interest A/c …Dr.

To Profit and Loss A/c

(Being transfer of interest to Profit and Loss A/c at the end of the year to close it)

Answer 2

KEY TAKEAWAYS

Accrued interest is a feature of accrual accounting, and it follows the guidelines of the revenue recognition and matching principles of accounting.

Accrued interest is booked at the end of an accounting period as an adjusting journal entry, which reverses the first day of the following period.

The amount of accrued interest to be recorded is the accumulated interest that has yet to be paid as of the end data of an accounting period.

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