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Categories >> Accounting >> Accounting AllOther
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1905)
 Accounting General interview questions  Accounting General Interview Questions (2833)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4369)
Question
what is interest on drawings
 Question Submitted By :: Accounting-AllOther
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
Drawing are the amounts thru cash or goods which are
withdrawn by the partners from the Firm.Interest on
drawings will be charged at a reasonable rate as mutually
understood by the partners and will be added to the profit
of the business.Drawings along with interest on that will
be deducted from the capital and will be shown clearly in
the Balance Sheet
 
Is This Answer Correct ?    38 Yes 7 No
Satyaki_raju@yahoo.com
 
Answer
# 2
drawings are the amount taken by the parteners for personal
use from the firm account. that will be less from the
capial of patners. the inerest charged by firm on amount
taken by the partners for personal use is called interest
on drawings. which is a profit so it will be deposit in
firm account
 
Is This Answer Correct ?    25 Yes 6 No
Prashant Gautam
 
 
 
Answer
# 3
drawings means the goods taken by the propriter for hi domestic[personal] use.it may be in form of cash goods etc.we have to subtract intrest on drawings frm capital.it is the amount which is charged by firm on amount taken by propriter 
Is This Answer Correct ?    11 Yes 2 No
Ravi
 
Answer
# 4
Never intrest calculated on Drawing. bcos once any partner
invest As a Capital the profit is income.
 
Is This Answer Correct ?    6 Yes 27 No
Hemanshu
 

 
 
 
Other Accounting AllOther Interview Questions
 
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what is net profit? Genpact 16
What the trial balance proves us   3
A is raise a bill to B of amt. 25000/ At the time of payment B will be deduct the TDS from which rate.This bill raised first time to B By A. Trilok Sharma (Vigneshwara Developers)   2
Is there any classification of direct and indirect expenses in peach tree? then why?   1
Can you say the Sub-Fields of Accounting   2
what is accrual prepayment? Define capital A/c &revenue. Define golden rules. meaning of share capital and its entries e-Serve 1
what journel entry we need to pass if we get an interest from bank Bank-Of-America 9
What is the accounting treatment for preoperational expenses   1
I NEED RS.100 CHANGE BUT I DON,T WANT RS.10 AND I WANT ONLY 6 NOTES.   6
what is RTGS? what is the maximum limit of amount stipulation for RTGS transaction?   6
 
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