Partnership entry query

A/c entries 343 views 2 replies

I need to now entry for partnership interest on capital given.

I have given Rs. 9000 to Partner A and Rs 4500 to Partner B via Bank transfer and i have pass the below entry i tally

By Interest on captial a/c 4500 

To Partner B                                4500

and

By Interest on Capital a/c    9000

To Partner A                                   9000

(Interest on capital under Indirect Expenses)

And Payment entry in Payment voucher as 

Bank  9000

To Interest on capital 9000

and same for 4500 as my p&l a/c shows 27000 in place of 13500

kindly provide correct entry.

 

 

 

Replies (2)

Dear.,

I have a doubt for your payments...

Why you ll be give the interest...?

How you give the interest now....?

I have given Rs. 9000 to Partner A and Rs 4500 to Partner B via Bank transfer.

Entries:

Interest on capital A/c Dr. 13,500

To A's capitall A/c 9,000

To B's capital A/c 4,500

------------------------------------------------------------------

A's capitall A/c Dr. 9,000

B's capital A/c Dr. 4,500

To Bank A/c        13,500

------------------------------------------------------------------

P/L Appropriation A/c Dr. 13,500

To Interest on capital A/c 13,500


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