Interest on OD
This query is : Resolved
06 December 2010
dear Sir,
My firm is a partnership firm.Partners have given Loan in firm Bank Ac for firm by mortgage their personal FD and taken OD Ac.The bank has charged interest on OD Ac.Please say ( Interest on Partner Loan ac should be debited under P/L Ac or Partners Capital Ac Dr)
Please Say which is right entry.
Thanks & Regards
Survesh
My firm is a partnership firm.Partners have given Loan in firm Bank Ac for firm by mortgage their personal FD and taken OD Ac.The bank has charged interest on OD Ac.Please say ( Interest on Partner Loan ac should be debited under P/L Ac or Partners Capital Ac Dr)
Please Say which is right entry.
Thanks & Regards
Survesh
06 December 2010
If OD is for purpose of firm then the same should be debited to P & L A/c only.
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