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Accountancy question from FAA exam, 2024 by JKSSB

What happens when interest on drawings is charged to partner?

Last updated Nov 6, 2026
Correct Answer: Option C — Debited to partner's capital a/c
In partnership accounting, Interest on Drawings is an amount charged by the firm to a partner for withdrawing cash or goods for personal use. From the firm's perspective, it is an income, but for the partner, it is an expense or a reduction in their stake in the business.
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JKSSB FAA 2024

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Exam JKSSB
Recruitment FAA
Year 2024
Subject Accountancy
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