Is there any concept for interest on drawings (not capital),if yes than how to treat entry in accounting records?

1. It is credited to the Profit & Loss Account.

2. It is added to the Drawings and then deducted from Capital, in Balance Sheet (liability side).

It depends on the situation if drawing is repayable on demand then treat them as current receivable by the company and no interest charge on them.

if drawing is for longer period and agreed terms then interest on them shall be booked entry will be receivable debit and interest income credit.