Interest received

Interest received

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Hi 

The business has received an interest of £50 from its BMM saving account.What should be the accounting effect of the same.

Thanks,

Rakhee

Replies (6)

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By johngroganjga
11th Nov 2014 17:52

The accounting effect would be the creation of a need to make entries in the accounting records to record the transaction in question.

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By buttinski
11th Nov 2014 18:02

OR

Dr BMM account

Cr Interest received

!!!!!!!!!!!!!!

 

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By rakhee
11th Nov 2014 18:10

It is a capital gain to the company  or a financial income?

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By User deleted
11th Nov 2014 18:15

Hope this thread doesn't prove to be a 'capital loss' for the accountancy profession!

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By rakhee
11th Nov 2014 18:15

It is a capital gain to the company  or a financial income?

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By mrme89
11th Nov 2014 18:19


If you do not know the difference between revenue and capital revenue, turn the computer off now. Engage someone that does know the difference, it will then be safe to switch the computer back on.

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