Interest on loan taken by a partner is credited to______
Answers
Answered by
6
Explanation:
The interest on capital of a partner is credited to the Profit and loss A/c. Capital interest is an expense to the company and is debited to the account of profit and loss appropriation. Interest is payable to partners and therefore the amount of interest is credited to the partner's capital account.
Answered by
8
Answer:
Interest on loan taken by a partner is credited to_profit_____
Similar questions