Question

intrest on drawing charge 500 make journal entries
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Answer 1

Answer:

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Explanation:

Journal entry for interest on drawings is;

Drawings A/C Debit Debit the increase in drawings

To Interest on Drawings A/C Credit Credit the increase in income

Example

Charge 10% interest on drawings at the end of the year to Maya, her total drawings from the business are valued at 1,00,000.

Maya’s Drawings A/C 10,000

To Interest on Drawings A/C 10,000