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    warzy's Avatar
    warzy Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Mar 10, 2007, 09:19 AM
    Treatment of interest on loan
    What is the correct accountring treatment of interest on partnesrs loan,i.e which account is to be debited and the account to be credited .
    bunnyKutty's Avatar
    bunnyKutty Posts: 60, Reputation: 5
    Junior Member
    		  
    #2

    Mar 10, 2007, 12:10 PM
    Debit Interest on Partner's loan account
    Credit Interest payable account

    When interest on loan is paid:
    Debit Interest payable
    Credit Cash
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