Commerce Exam > Commerce Questions > 1)what is difference between capital Account ...
Start Learning for Free
1)what is difference between
capital Account Dr.
to interest on drawings account and
drawings account Dr. to interest on drawings account
2) loan from naresh is representative personal account
0?
3( I purchased pens on 1 june and if payment made within 10 days I will get discount. what is last date to pay now 10 or 11 june?
capital Account Dr.
to interest on drawings account and
drawings account Dr. to interest on drawings account
2) loan from naresh is representative personal account
0?
3( I purchased pens on 1 june and if payment made within 10 days I will get discount. what is last date to pay now 10 or 11 june?
Most Upvoted Answer
1)what is difference between capital Account Dr. to interest on drawin...
Capital Account Dr. to Interest on Drawings Account vs. Drawings Account Dr. to Interest on Drawings Account
Capital Account Dr. to Interest on Drawings Account:
- When the capital account is debited to the interest on drawings account, it means that the business is paying interest to the owner(s) for the drawings made by them.
- This transaction indicates that the business is compensating the owner(s) for using their own capital for personal withdrawals.
Drawings Account Dr. to Interest on Drawings Account:
- On the other hand, when the drawings account is debited to the interest on drawings account, it means that the interest on drawings is being charged to the owner(s) for the withdrawals made by them.
- This transaction indicates that the business is charging interest to the owner(s) for using their own capital for personal withdrawals.
Loan from Naresh as Representative Personal Account:
- A loan from Naresh would be considered a representative personal account as it represents the personal dealings between the business and Naresh.
- This account would reflect the amount owed to Naresh and would be treated as an individual record in the business's books.
Purchase of Pens with Discount Deadline:
- If you purchased pens on 1 June and the payment should be made within 10 days to avail the discount, the last date to pay would be 11 June.
- The discount deadline is inclusive of the day of purchase, so counting from 1 June, the 10th day would be 10 June. Hence, the payment must be made by 11 June to meet the discount deadline.
Capital Account Dr. to Interest on Drawings Account:
- When the capital account is debited to the interest on drawings account, it means that the business is paying interest to the owner(s) for the drawings made by them.
- This transaction indicates that the business is compensating the owner(s) for using their own capital for personal withdrawals.
Drawings Account Dr. to Interest on Drawings Account:
- On the other hand, when the drawings account is debited to the interest on drawings account, it means that the interest on drawings is being charged to the owner(s) for the withdrawals made by them.
- This transaction indicates that the business is charging interest to the owner(s) for using their own capital for personal withdrawals.
Loan from Naresh as Representative Personal Account:
- A loan from Naresh would be considered a representative personal account as it represents the personal dealings between the business and Naresh.
- This account would reflect the amount owed to Naresh and would be treated as an individual record in the business's books.
Purchase of Pens with Discount Deadline:
- If you purchased pens on 1 June and the payment should be made within 10 days to avail the discount, the last date to pay would be 11 June.
- The discount deadline is inclusive of the day of purchase, so counting from 1 June, the 10th day would be 10 June. Hence, the payment must be made by 11 June to meet the discount deadline.
Attention Commerce Students!
To make sure you are not studying endlessly, EduRev has designed Commerce study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Commerce.
|
Explore Courses for Commerce exam
|
|
Top Courses for CommerceView all
1)what is difference between capital Account Dr. to interest on drawings account and drawings account Dr. to interest on drawings account 2) loan from naresh is representative personal account0?3( I purchased pens on 1 june and if payment made within 10 days I will get discount. what is last date to pay now 10 or 11 june?
Question Description
1)what is difference between capital Account Dr. to interest on drawings account and drawings account Dr. to interest on drawings account 2) loan from naresh is representative personal account0?3( I purchased pens on 1 june and if payment made within 10 days I will get discount. what is last date to pay now 10 or 11 june? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about 1)what is difference between capital Account Dr. to interest on drawings account and drawings account Dr. to interest on drawings account 2) loan from naresh is representative personal account0?3( I purchased pens on 1 june and if payment made within 10 days I will get discount. what is last date to pay now 10 or 11 june? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 1)what is difference between capital Account Dr. to interest on drawings account and drawings account Dr. to interest on drawings account 2) loan from naresh is representative personal account0?3( I purchased pens on 1 june and if payment made within 10 days I will get discount. what is last date to pay now 10 or 11 june?.
1)what is difference between capital Account Dr. to interest on drawings account and drawings account Dr. to interest on drawings account 2) loan from naresh is representative personal account0?3( I purchased pens on 1 june and if payment made within 10 days I will get discount. what is last date to pay now 10 or 11 june? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about 1)what is difference between capital Account Dr. to interest on drawings account and drawings account Dr. to interest on drawings account 2) loan from naresh is representative personal account0?3( I purchased pens on 1 june and if payment made within 10 days I will get discount. what is last date to pay now 10 or 11 june? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 1)what is difference between capital Account Dr. to interest on drawings account and drawings account Dr. to interest on drawings account 2) loan from naresh is representative personal account0?3( I purchased pens on 1 june and if payment made within 10 days I will get discount. what is last date to pay now 10 or 11 june?.
Solutions for 1)what is difference between capital Account Dr. to interest on drawings account and drawings account Dr. to interest on drawings account 2) loan from naresh is representative personal account0?3( I purchased pens on 1 june and if payment made within 10 days I will get discount. what is last date to pay now 10 or 11 june? in English & in Hindi are available as part of our courses for Commerce.
Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of 1)what is difference between capital Account Dr. to interest on drawings account and drawings account Dr. to interest on drawings account 2) loan from naresh is representative personal account0?3( I purchased pens on 1 june and if payment made within 10 days I will get discount. what is last date to pay now 10 or 11 june? defined & explained in the simplest way possible. Besides giving the explanation of
1)what is difference between capital Account Dr. to interest on drawings account and drawings account Dr. to interest on drawings account 2) loan from naresh is representative personal account0?3( I purchased pens on 1 june and if payment made within 10 days I will get discount. what is last date to pay now 10 or 11 june?, a detailed solution for 1)what is difference between capital Account Dr. to interest on drawings account and drawings account Dr. to interest on drawings account 2) loan from naresh is representative personal account0?3( I purchased pens on 1 june and if payment made within 10 days I will get discount. what is last date to pay now 10 or 11 june? has been provided alongside types of 1)what is difference between capital Account Dr. to interest on drawings account and drawings account Dr. to interest on drawings account 2) loan from naresh is representative personal account0?3( I purchased pens on 1 june and if payment made within 10 days I will get discount. what is last date to pay now 10 or 11 june? theory, EduRev gives you an
ample number of questions to practice 1)what is difference between capital Account Dr. to interest on drawings account and drawings account Dr. to interest on drawings account 2) loan from naresh is representative personal account0?3( I purchased pens on 1 june and if payment made within 10 days I will get discount. what is last date to pay now 10 or 11 june? tests, examples and also practice Commerce tests.
|
|
Explore Courses for Commerce exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup