On 02 July 2019 Maxi trading transferred R30000 and 50000 respectively into a fixed deposit...
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Accounting
On 02 July 2019 Maxi trading transferred R30000 and 50000 respectively into a fixed deposit with strand Bank. The R50000 invested will mature on 10 july 2020. The interest earned on both fixed deposits is 8% per annum. The year end is 30 June.
Discuss using the accounting standards, how the above will be treated in the financial statement as at 30 June 2020.
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