> #accounting , #banking > ABC Bano transferred R11 000 for an interest on fixed deposit of R10 000 matured. The full amount was credited to the fixed deposit, account the error?
Anonymous
Apr 2

ABC Bano transferred R11 000 for an interest on fixed deposit of R10 000 matured. The full amount was credited to the fixed deposit, account the error?

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Apr 2
The error is that the full amount of R11 000 was credited to the fixed deposit account instead of just the interest amount. The correct procedure would be to credit only the interest amount to the fixed deposit account and transfer the remaining R1 000 to ABC Bano's regular account.
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