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.

Answer rating: 100% (QA)

Under accounting standards the fixed deposits with Strand Bank would be classified as financial asse... View the full answer