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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 Posted / umraj kumar gupta
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.
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ABC LTD IMPORTED GOODS FROM USA FOR $20000 ON 1/1/11 AT A EXCHANGE RATE OF RS.47.55. THEY MADE A PAYMENT OF $12000 ON 15/1/11 AT A RATE OF RS.45.95. BALANCE PAYMENT WAS MADE ON 25/1/11 AT A RATE OF RS.49.10
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