Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Financial Reporting and Analysis Jan23 Y1 S2 On 28 February 2023, the end of the financial year, the Fixed deposit account had a balance of

Financial Reporting and Analysis Jan23 Y1 S2 On 28 February 2023, the end of the financial year, the Fixed deposit account had a balance of R100 000 and the interest on fixed deposit account reflected a total of R5 000. The interest rate is 8% p.a. and interest is not capitalised. An increase of R20 000 in fixed deposit account was made on 01 December 2022 and this has been recorded. How much was reflected as interest on fixed deposit in the statement of comprehensive income for the year ended 28 February 2023? A. R8 000 B. R5 200 C. R6 800 O D. R11 800

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Multinational Finance

Authors: Michael Moffett

6th Global Edition

1292215216, 978-1292215211

More Books

Students also viewed these Finance questions

Question

What is meant by planning or define planning?

Answered: 1 week ago

Question

Define span of management or define span of control ?

Answered: 1 week ago

Question

What is meant by formal organisation ?

Answered: 1 week ago

Question

What is meant by staff authority ?

Answered: 1 week ago