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Personal loan treatment
how to show personal loan repayment (both interest and principle) in proprietor accounts.
Replies (2)
If personal loan use in business than its interest allowable in profit and loss account... otherwise u should show its interest in capital account
Personal loan repayment is generally shown as drawings from the firm and transferred to partners loan account.
the entries can be shown
there are two situations
capital account fixed..
capital account fluctuating.
the entries can be shown
there are two situations
capital account fixed..
capital account fluctuating.
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