Accountancy, asked by jhajee9044, 6 months ago

Interest on loan on profit and loss account

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Answered by avnibhasin08

Answer:

Interest on loan is the amount of interest that is paid by the firm on the amount of loan taken from a partner. It is shown on the debit side of the Profit and Loss Account. ... In this account, interest on loan is shown as a deduction form the net profit on the credit side.

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