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 / sunaina
entry is:
Interest on capital a/c 1500
To capital a/c 1500
Interest on capital is an expense of the business , thats why it is debited to business. So, it will given on debit side of the Profit & Loss a/c.It is a financial expense of the business.
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