Interest on Partners’ Drawings is credited to
Interest on Partners’ Drawings is credited to
a) Partner’s Capital A/c
b) Partner’s Current A/c
c) Profit and Loss A/c
d) Profit and Loss Appropriation A/c
Anurag Pathak Changed status to publish April 9, 2023
Ans – d)
Interest on Partner’s drawing is charged from partners by the firm. Thus it is the revenue to the firm and is recorded at the credit side of the Profit and Loss Appropriation Account.
Anurag Pathak Changed status to publish April 4, 2023
