Accounts Receivable Accounting Entries On Interest Received

Accounts Receivable Entries On Interest Received

Accounts Receivable Entries On Interest Received

What is the accounts receivable accounting treatment of interest received on a deposit account opened in a private limited company name but operated by a director with his personal fund and for his personal activities?

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Dec 07, 2017
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by: Anonymous

I believe the accounts receivable bookkeeping entry for interest earned and received on a deposit account opened under a LLC name that was funded by the director for personal activities would be to debit the bank and credit Other Income - Interest to distinguish it as personal interest as opposed to business interest.

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