Interest on capital n interest on drawings
This query is : Resolved
11 May 2012
hello sir i hav a doubt on int on capl and int on drawings.which is income and which is expense?
11 May 2012
Interest on capital is PAID to the partner. Accordingly it is an expense for the firm.
Interest on drawings is CHARGED/RECEIVED from the partner. Accordingly it is an income for the firm.
Reverse will be treatment in the books of the partner.
Interest on capital will be income and interest on drawing shall be expense.
Interest on drawings is CHARGED/RECEIVED from the partner. Accordingly it is an income for the firm.
Reverse will be treatment in the books of the partner.
Interest on capital will be income and interest on drawing shall be expense.
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