Brilliant Treatment Of Interest On Drawings In Accounting Equation

On the other hand profits earned by the business increase owners capital. I 6 only- In this case as the per annum condition is not mentioned with the rate of interest so we need to calculate the interest on drawings without considering the time factor. O Partners are charged interest on drawings this may be on the total amount of the current.

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So business charges interest on such drawings.

Treatment of interest on drawings in accounting equation. INTEREST ON CAPITAL AND DRAWINGS. It is calculated from the date of drawing till the close of accounting period. The double effect of interest on Drawings is.

Drawings means the amount withdrawn by partners in cash or in kind for their personal use. Drawings reduce the amount of capital on the other hand. Methods of Calculating Interest on drawings.

Q17 Prepare Accounting Equation from the following. There are two methods to calculate interest on drawings. It is added to the Drawings and then deducted.

Interest on drawings is an income for the business hence it is added to the interest account of the firm thereby increasing the total income of the business. Interest on Drawings is income to the firm and an expense to the partners. Vi Goods Sold to Gupta for 10000 and received a Bill Receivable for the same amount for 3 months.

The solution for this question is as follows. During the fiscal year he Drew the following. ACCOUNTING EQUATION -6 TREATMENT OF INTEREST ON CAPITAL AND INTEREST ON DRAWINGS.

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