Question

when partner's capital are fixed interest on capital is credited to ​

Answer 1

The interest so charged is credited to the Profit and Loss Appropriation Account and debited to the Partners' Capital or Current Accounts. If the date of Drawings is not given, the Interest on total Drawings is calculated for 6 months.

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Answer 2

Answer:

The interest so charged is credited to the Profit and Loss Appropriation Account and debited to the Partners' Capital or Current Accounts. If the date of Drawings is not given, the Interest on total Drawings is calculated for 6 months.

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