Why is Interest A/c debited and Bank a/c credited when
interest is charged by the bank??
Here I assume Its an expenses so interest is debited but I
don't understand why bank is credited?? Bank is a personal
account. Please explain this doubt?

Hi all, can anybody help me with the mutual fund (AMC)accounting. I would like to know the accounting entries for subscriptions (premium/discount), redemptions (premium/discount), fund expenses, buying/selling securities by the fund and other fund management related accounting entries.