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• # 115279
• Sat 01 Jul 2017 09:18 PM

Hi All, i'm after some desperate help - please!

With reference to a receipts and payments account, would you classify interest on a deposit account which has next to it in brackets (paid into deposit account directly) as income for the purposes of calculating total income that would be shown on the income and expenditure account for the year?

I hope that makes sense. Thank you so much in advance.

xx

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• # 115284
• Mon 03 Jul 2017 03:08 PM

emmahills1983 said:

“

Hi All, i'm after some desperate help - please!

 

With reference to a receipts and payments account, would you classify interest on a deposit account which has next to it in brackets (paid into deposit account directly) as income for the purposes of calculating total income that would be shown on the income and expenditure account for the year?

 

I hope that makes sense. Thank you so much in advance.

 

xx

”

 If the Deposit Account is for the business then the Interest would be treated as an Income in the income and expenditure account.

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