22- On 01.10.2019, the enterprise opened a time deposit account at Ziraat Bank with a maturity of 9 months, amounting to TL 500,000. The annual interest rate is 20% and the principal is transferred to the demand deposit account of the enterprise in the same bank together with the interest at the end of the maturity. (Financial statements will be prepared annually and the tax rate is 15%) . According to this, what is the amount of interest income corresponding to the current period as of the end of the period? a) 75.000 TL B) 50,000 TL NS) 25.000 TL D) 60.000 TL TO) 20.000 TL
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On 01.10.2019, the enterprise opened a time deposit account at Ziraat Bank with a maturity of 9 months, amounting to TL 500,000. The annual interest rate is 20% and the principal is transferred to the demand deposit account of the enterprise in the same bank together with the interest at the end of the maturity. (Financial statements will be prepared annually and the tax rate is 15%) . According to this, what is the amount of interest income corresponding to the current period as of the end of the period? |
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Interest means the income earned on the amount invested by investor.
Even if the interest is not due but still has to be recognised as income at the end of financial statements because of accrual concept.
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