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please explain me accounting treatment for Interest

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(Querist)
03 March 2009 We hav two partners in firm their fixed capital is 25000 per head and for trasaction they hav deposited 500000 per head. as per partnership deed they are liable to take 12%PA int on the same.
please explain me the accounting treatment and Calculation for Interest.
When shall i pay the same
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CA Hemant T Dewani

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CA Hemant T Dewani (Expert)
03 March 2009 as per income tax interest to partner is 12% simple interest you will calculate the same & debited to the P&l a/c & credited to the partners capital a/c
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