Is there any situation where interest allowed on capital is debited to Profit and Loss Account?
Is there any situation where interest allowed on capital is debited to Profit and Loss Account?
Anurag Pathak Changed status to publish April 9, 2023
Yes, it is debited to Profit and Loss Account if the Partnership Deed provides that it is to be paid whether the firms earns profit on not.
Anurag Pathak Changed status to publish April 9, 2023
