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Interest on partner loan is recorded in which account ??
interest on partner loan is recorded in which account profit and loss account or profit and loss appropriate account ??
Replies (3)
Profit and loss ac
But in icai module it is recorded in profit and loss appropriation ac
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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