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What is Interest on Drawings?
When the proprietor of any business withdraws money from his business for personal usage, it is treated by a business as a temporary loan to an individual. The loan can be regarded as on a par with a loan given to an outsider. Naturally, interest is charged on these drawings by a business. It is a loss to the proprietor and a gain to the business.
For instance, if the interest rate is 5% and the entire drawings are Rs. 10,000, the rate of interest will be Rs. 250. In such case, the entries that will be passed include:
The double effect of Interest on Drawings is added to Drawings and subtracted from Capital on the liability side in Balance Sheet. It is also credited to the Profit & Loss Account. Proprietors may also understand that when money is drawn for own usage, interest is lost by the firm.
The proprietor may even debit with the interest on the amount of money that is withdrawn by him. Of course, interest depends on the date of withdrawal and the amount. When there is no information, it is supposed that all the drawings were uniformly made all through the year. Naturally, interest is charged on the entire amount for 6 months. So just brief us with the kind of paper that you want us to work on and we will be ready to help you with flawless homework help services!
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