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Categories >> Accounting >> Accounting AllOther


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what is interest on drawings
 Question Submitted By :: Accounting-AllOther
I also faced this Question!!     Answer Posted By  
# 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withdrawn by the partners from the Firm.Interest on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
# 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
# 3
drawings means the goods taken by the propriter for hi domestic[personal] may be in form of cash goods etc.we have to subtract intrest on drawings frm is the amount which is charged by firm on amount taken by propriter 
Is This Answer Correct ?    11 Yes 2 No
# 4
Never intrest calculated on Drawing. bcos once any partner
invest As a Capital the profit is income.
Is This Answer Correct ?    6 Yes 28 No

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