Question

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00:20:17 mins
Question: 30
Interest on deposits is written in schedule
no.
as per Banking Company
Accounts
O 14
O 15
O 16
O
13
Invalid Question​

Answer 1

Answer:

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Answer 2

Interest on deposits is written in schedule no. 15 as per Banking Company accounts.

Definition of Banking companies:

Banking companies are those companies that accept deposits from their customer and pay interest to them and lend them the amount of loan against of interest paid by them.

What is Schedule 15:

• Schedule 15 of the banking companies account is the part of profit and loss account.

• Schedule 15 is also known as Interest Expended in which all the interest-related expenses done by banking companies are shown here.

• Interest expended includes:

               Interest on savings accounts.

               Interset on fixed accounts.

               Interest on current accounts.

               Interest paid to RBI/ other banks, etc.

Thus, the interest paid by the banking companies on the deposits is shown under schedule 15.