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#accounting
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#banking
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An EFT from CC Bank for the fixed deposit that has expired, R6390. This amount includes the year's intereste?
What does this mean? And where to record this transaction (CRJ/CPJ) and how?
An EFT from CC Bank for the fixed deposit that has expired, R6390. This amount includes the year's intereste?
What does this mean? And where to record this transaction (CRJ/CPJ) and how?
This means that CC Bank has electronically transferred R6390 to your account for the fixed deposit that has expired, including the interest earned over the year.
To record this transaction in your accounting records, you would make the following journal entry: