Ram withdrawn ₹1,500 at the end of each quarter during the year ended 31 March, 2016. Interest on drawings is charged @9% per annum. Find out interest on drawings. Also give Journal Entry.
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Answer:
interest on drawings is 540 rs .
jounal entry in 31 march .
1. drawings ac dr. 6000
to cash ac 6000
2. cash ac dr. 540
to int. on drawings 540
Explanation:
in actual , drawings 's entry record each time when drawings was taken but interst on drawing only charged after the year and interst on drawings is profit for campany therefore we are credited the int. on drw. and cash received so cash is debited
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