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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 (1899)
 Accounting General interview questions  Accounting General Interview Questions (2810)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4363)
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withdrawn by the partners from the Firm.Interest on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 ?    36 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 ?    24 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 ?    10 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 26 No
Hemanshu
 

 
 
 
Other Accounting AllOther Interview Questions
 
  Question Asked @ Answers
 
what is IFRS ?Brifely explain. Innodata 2
what is amortization? FT 1
Mr.Jadhike owns a fleet of taxis adn the following information are available from the records maintained b him: 1.Number of taxis 10 2.salary of manager 600pm 3.cost of each taxi 20000 4.salary of cleaner 500pm 5.salary of mechanic 400 pm 6.garage rent 600pm 7.insurance premium 5%pa 8.annual tax 600 per taxi 9.driver salary 200 pm per taxi annual repair 1000 per taxi total life of a taxi is about 200000 kms. a taxi runs in all 3000kms in a month of which 30% it runs empty. Petrol consumption in one litre for 10kms@1.80 per litre. Oil and other are rs 5 per 100 kms calculate the cost of running a taxi per km 5   2
Explain the term linear approximation.   1
Carriage outwards will appear on -----------side of---------   5
Expand --------CAIR DRDO 2
what is capital market?   3
capital reserve and revenue reserve   1
Minimum and maximum members to create the following Sole trading Partnership Private ltd co Public ltd co   1
Expand ------SFO   1
What is the Difference between Rectification of Errors and Adjustment Entry ?   1
When we are using the DEPB licence for duty adjustment 100 %, there is no cash payment to customs. If i am a trader and registered with excise, Can we avail the modvat credit and pass on to customers? ABC 4
 
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