In the profit and loss appropriation account, the interest on drawings is recorded on the __________ side and interest on partner's loan is recorded on the __________ side, respectively.
credit; debit
In the profit and loss appropriation account, the interest on drawings is recorded on the credit side (as it is an income for the firm), and the interest on the partner's loan is recorded on the debit side (as it is an expense for the firm). This reflects the firm’s obligation to pay interest on loans provided by partners.
Important Questions from Financial Organisations
Special Economic Zones are being set up by the Government in order to attract:
Which institution is responsible for calculating the GDP of India?
In which income group does India fall on the basis of Gross National Income classified by the World Bank?
With which of the following has India inked a $346 million loan agreement to finance Karnataka State Highways improvement III Project (KSHIP – III)?
What does 'E' stand for in SEBI?
