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what is interest on drawings
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Answer / satyaki_raju@yahoo.com
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withdrawn by the partners from the Firm.Interest on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 ? | 53 Yes | 10 No |
Answer / prashant gautam
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 ? | 36 Yes | 9 No |
Answer / ravi
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 ? | 15 Yes | 4 No |
Answer / muhammad yahya
drawing means, an amount taken away by owner or partner of business for personal use... and he will pay further charges which is called interest on drawings... it is a other income of business and expense of partner... because he is paying further income...
when we take loans from bank then return to bank with interest,,, similarly that above i have mentioned...
| Is This Answer Correct ? | 3 Yes | 3 No |
Answer / hemanshu
Never intrest calculated on Drawing. bcos once any partner
invest As a Capital the profit is income.
| Is This Answer Correct ? | 9 Yes | 34 No |
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