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Hi Everybody,
Can anybody tell me the journal entry for below question,
Charged interest on Capital Rs.1,500.00
Thanks,
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Answer / harsha
interest on capital account dr 1500
to capital account 1500
the interest on capital should be added to debit side of
p/l and added to capital on balance sheet
| Is This Answer Correct ? | 59 Yes | 3 No |
Answer / khan
Dear all sorry for the belated reply,and thanks for giving
right answers,
Regards,
Khan
| Is This Answer Correct ? | 7 Yes | 1 No |
interest on capital account dr 1500.00
To capital account 1500.00
Dear friend interest on capital is a indirect expense of
company. So interest on capital should be show to the debit
side of P&L A/c and added to capital A/c in liabilities
side of balance sheet.
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / sumit jain
The entry is:
Interest on Capital A/C Dr. 1500.00
To Capital A/C 1500.00
interest on capital is just like a profit which charged on
the capital and added to P&L a/c debit side and capital in
the balance sheet.
P&L appropriation a/c DR. 1500.00
To Interest on Capital a/c 1500.00
(Transfer to P&L a/c)
| Is This Answer Correct ? | 6 Yes | 2 No |
Answer / john
Interest on capital Dr
To Capital Cr
(by interest A/C to to capital A/C)
| Is This Answer Correct ? | 5 Yes | 2 No |
Answer / ahsan
profit and loss appropriation a/c DR
interest on capital a/c CR
| Is This Answer Correct ? | 3 Yes | 1 No |
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