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What is the journal entry for cash deposit for Fixed deposit in bank?

Updated: 9/24/2023

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∙ 9y ago

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debit bank account
credit cash / bank

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Every Fixed Deposit will have a certificate linked to it. The bank would issue you a certificate that is the proof that you have a fixed deposit with the bank that is worth 'n' rupees and matures on 'x' date. You need to carry this back to the bank and submit it and ask for cashing your fixed deposit. The bank will accept the certificate and pay you the cash that is due for the deposit.

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