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- In accounting, interest on drawings refers to the interest charged on money borrowed from a business by its owners1. This is a short-term loan, and the interest is typically charged at a rate higher than the rate the company would pay if it borrowed money from a bank1. Interest on drawings is an income for the business, hence, it is added to the interest account of the firm thereby increasing the total income of the business2. Interest on drawings is calculated using the formula: Interest on drawings = Amount of drawings x Rate of interest x Period of interest3.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.In accounting, interest on drawings refers to the interest charged on money borrowed from a business by its owners. This is a short-term loan, and the interest is typically charged at a rate higher than the rate the company would pay if it borrowed money from a bank.khatabook.com/blog/journal-entry-for-interest-on-dr…Interest on drawings is an income for the business, hence, it is added to the interest account of the firm thereby increasing the total income of the business.www.accountingcapital.com/journal-entries/journal …Interest is calculated on drawings for the period from the date of drawings to the date of closing date of the accounting year. The following formula is used to compute the interest on drawings: Interest on drawings = Amount of drawings x Rate of interest x Period of interestwww.brainkart.com/article/Calculation-of-interest-o…
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What is the Journal Entry for Interest on Drawings?
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What is the journal entry for interest on Drawings?
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