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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 / 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 |
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