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Question
Give the adjusting entries for interest on capital and interest on drawings.
Short/Brief Note
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Solution
Adjusting Entry: Interest on Capital
| Date | Particulars | L.F. | Debit ₹ | Credit ₹ |
| Interest on capital A/c Dr. To Capital A/c (Interest on capital provided) |
xxx | xxx |
Adjusting Entry: Interest on Drawings
| Date | Particulars | L.F. | Debit ₹ | Credit ₹ |
| Capital A/c Dr. To Interest on drawings A/c (Interest on capital provided) |
xxx | xxx |
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