Practicing Success
Practicing Success
CUET Preparation Today
| When Interest on Drawing is charged by a partnership firm, it will be the ________________of the firm. |
Income Expense Liability Asset |
| Income |
| Interest on drawing is an income for the firm and is payable by the partners to the firm hence, is deducted/debited. Interest is charge on the money/goods taken by the partners for their personal use during the year. |
