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Settlement with the Executor

The interest ...

Question

The interest on the capital accounts of partners is credited to

A

(a) Interest A/C

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B

(b) Profit and Loss A/C

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C

(c) Partner’s Capital A/C

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D

(d) None of the above

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Solution

The correct option is C
(c) Partner’s Capital A/C

Answer: (c) Partner’s Capital A/C

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Q. The interest on partners capital accounts is to be credited to _______________.

Q. When the Interest on capital is allowed to partners, Interest on Capital Account is debited and Partner's Capital Account is credited. It is called _____________.

Q. If interest on capital, salary to the partner and share of profit are credited while interest on drawings, drawings and share of loss are debited to the Partners' Capital Accounts, what is the method followed to maintain the Capital Accounts?

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