Income from partner to firm

ALL INCOME IS SHOWN UNDER SALES. SOMETIMES INTEREST IS ALSO TREATED AS INCOME. SO WHEN A PARTNER DRAWS MONEY AND PAYS INTEREST, IT CAN BE CALLED AS INCOME FROM PARTNER. (INTEREST ON DRAWINGS)

INTEREST ON DRAWINGS IS DEBIT TO PARTNERS CAPITAL/CURRENT ACCOUNT AND CREDIT TO APPROPRIATION ACCOUNT.

NORMAL INCOME IS CREDIT TO PROFIT AND LOSS

INTEREST ON DRAWINGS IS DEBIT TO PARTNERS CAPITAL/CURRENT ACCOUNT AND CREDIT TO APPROPRIATION ACCOUNT.

NORMAL INCOME IS CREDIT TO PROFIT AND LOSS