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What is interest on capital?

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What is interest on capital?

Posted by Shruti Singh 7 years, 4 months ago

CBSE > Class 11 > Accountancy

1 answers

Avneesh Singh 7 years, 4 months ago

Interest will be allowed to each partner on the capital contributed by him. ... Interest on capital is an expense to the firm and is debited to the profit and loss appropriation account. Interest is payable to the partners and hence, the partner's capital account is credited with the amount of interest.

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