Sir,
Owner have term loan where yearly interest Rs. 560000/- so Can we transfer interest amount to Capital account. Can we show under profit & Loss account.
if loan taken for the business than it will be transfer in P&L account. Otherwise it will be part of drawings.
Vardhaman Group of India
Pimpri Chinchwad
CA Inter
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O P Bagla & Co LLP
New Delhi
CA Inter
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CAclubindia
