Provide interest on capital @ 10% p.a. on Rs 80,000
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What will be the journal entry ?
Replies (3)
Interest on capital A/c Dr. ₹ 8000/-
To Capital A/c ₹ 8000/-
Or if it is paid in cash than the CASH A/c will be credited
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
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