WebMar 6, 2024 · Since, drawings is a type of loan provided to the partner, the partner has to pay interest on the amount withdrawn from the firm , which is known as interest on drawings. Nature of the drawings. The nature of the drawings can be : 1. Drawings against salary or commission 2. Drawings against interest on capital 3. Drawing … Web(0) Charge interest on Drawings 1.500. (ui) Sold goods costing 40,000 to Anil for cash at a profit of 25% on cost less 20% trade discount and paid cartage 100, which is not to be charged from customer. Solution Verified by Toppr Was this answer helpful? 0 0 Get the Free Answr app Click a picture with our app and get instant verified solutions
Standard Chart of Accounts & Account Types - Experts in …
WebApr 10, 2024 · (Interest charged to Maya on drawings at 10% of 1,00,000 at the end of the year) Maya’s withdrawals from the business at the end of the year are at 1,00,000 and she is charged interest on drawings at the rate of 10%, consequently, this increases the … WebJul 18, 2024 · Allow Rs.5000 as interest on capital and charge Rs. 1000 as interest on drawing . journalise Advertisement mehakpawar is waiting for your help. Add your answer and earn points. Answer 8 people found it helpful riyachouksey8113 Answer: Interest on capital a/c 5000 To partner's capital a/c 5000 [ Being int. on capital allowed ] clover move management company
Journalise the following entries:i Goods costing र 500 …
WebHDFC bank has been named among 50 most valuable banks in 2014. It has got 45th rank. Wells Fargo & Co. has got first rank in this list. This bank belongs to which country? A. … WebAug 6, 2024 · Fixed assets are usually numbered from 1500 to 1999. These are items with a minimum cost (for example, $500) that you would have to sell to generate cash. Automobiles, equipment, and land are examples of fixed assets. For example, suppose last year your company bought a new computer system for $1,100. WebMar 6, 2024 · There are two methods to calculate interest on drawings : – Simple Method: Under this method, interest on drawings is calculated on each and every amount of drawing separately. It is calculated from the date of drawing till the close of accounting period. The formula to calculate interest is: 2. cab a non profit property be rented