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Interest on partner loan is recorded in which account ??

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1359 Points Joined October 2021
interest on partner loan is recorded in which account profit and loss account or profit and loss appropriate account ??
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On 29 October 2021 at 23:52 Report
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ca
603 Points Joined May 2013
Profit and loss ac
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On 30 October 2021 at 09:43
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1359 Points Joined October 2021
But in icai module it is recorded in profit and loss appropriation ac
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On 30 October 2021 at 10:27
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ca
603 Points Joined May 2013
Yes, there are two views to it. Interest on capital can be also be deemed as appropriation of profit as the same is classified as income from business in return of partners.
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On 31 October 2021 at 11:25

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