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Interest on OD

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(Querist)
06 December 2010 dear Sir,

My firm is a partnership firm.Partners have given Loan in firm Bank Ac for firm by mortgage their personal FD and taken OD Ac.The bank has charged interest on OD Ac.Please say ( Interest on Partner Loan ac should be debited under P/L Ac or Partners Capital Ac Dr)

Please Say which is right entry.

Thanks & Regards
Survesh
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
06 December 2010 If OD is for purpose of firm then the same should be debited to P & L A/c only.

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