simple accounting
This query is : Resolved
19 October 2010
I am a teacher in XI std teaching Accounts basics
there is a conflict in two text books i referred to regarding interest on drawings.
Text 1 - SCERT
a. Capital a/c Dr.
Interest on Drawings a/c
Text 2 - Private authors
b. Drawings a/c Dr.
Interest on Drawings.
which of the journal entry is correct?
there is a conflict in two text books i referred to regarding interest on drawings.
Text 1 - SCERT
a. Capital a/c Dr.
Interest on Drawings a/c
Text 2 - Private authors
b. Drawings a/c Dr.
Interest on Drawings.
which of the journal entry is correct?
19 October 2010
1. Sole proprietary :-Both entries are wrong in the context that one cannot pay interest to himself.
2. Partnership :- As per the clause of partnership deed, decide the entry.
2. Partnership :- As per the clause of partnership deed, decide the entry.
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19 October 2010
Totally agree with B. Chackrapani JI
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