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Categories >> Accounting >> Accounting AllOther
 
 


 

 
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 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4351)
Question
what is interest on drawings
 Question Submitted By :: Pradeep
I also faced this Question!!     Rank Answer Posted By  
 
  Re: what is interest on drawings
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withdrawn by the partners from the Firm.Interest on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 ?    35 Yes 6 No
Satyaki_raju@yahoo.com
[Taxtime]
 
  Re: what is interest on drawings
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 ?    22 Yes 5 No
Prashant Gautam
 
 
 
  Re: what is interest on drawings
Answer
# 3
Never intrest calculated on Drawing. bcos once any partner
invest As a Capital the profit is income.
 
Is This Answer Correct ?    6 Yes 25 No
Hemanshu
 
  Re: what is interest on drawings
Answer
# 4
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 ?    9 Yes 2 No
Ravi
 

 
 
 
Other Accounting AllOther Interview Questions
 
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Why 2:1 is considered as ideal current ratio?   3
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why should we do accounts in company   5
Explain about accrual basis of accounting Genpact 1
Expand ------DPM   2
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Fixed Assets Depreciation Rats ?   4
What is Asset& Liabilities? What is depreciation And define methods. what is BRS and when we can use . Explain Acconting concepts & principles. General entry for paybles. What is dividend? Franklin-Templeton 3
what is bank reconcilations statement Intelenet 2
why we use the term profit and loss account instead of profit or loss account Syntel 4
what is amortisation of intangible assets?   2
 
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