Provide interest on capital @ 10% p.a. on Rs 80,000
Provide interest on capital @ 10% p.a. on Rs 80,000
For provision entry
Dr interest on capital a.c 8000
Cr partners' current a.c/ sole proprietor current a.c 8000
since it may be practice of keeping fixed capital account for the business,
Interest on Capital A/c..........XXXX
To Owners A/c (or) Cash A/c..........XXXX
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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