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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,

Question Posted / manoj kumar

Answer Posted / manoj kumar

Right Journal Entry are:-
1. Profit and Loss appropriation A/c Dr.
To Interest on Capital A/cs
(Interest paid on Capital only when Firm is partnership As
Per Partnership Act.)

2. Partner's Capital A/c Dr.
To Interest on Capital A/c
( Amount of Interest on Capital transferred to Partner's
Capital A/c.)

3. If Firm is not Partnership than no interest on capital
paid to firm's owner.

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