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QUESTION ONE [15] On the 02 July 2019 Maxi Trading transferred R30 000 and R50 000 respectively into a fixed deposit account with Strand Bank.

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QUESTION ONE [15] On the 02 July 2019 Maxi Trading transferred R30 000 and R50 000 respectively into a fixed deposit account with Strand Bank. The R50 000 invested will mature on 10 July 2020. The interest earned on both fixed deposits is 8% per annum. The year end is 30 June. Required: Discuss, using the accounting standards, how the above will be treated in the financial statements as at 30 June 2020

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