Question : The balance of partner's Capital Accounts, in case of fixed capital method, are:
Option 1: Always Debit
Option 2: Always Credit
Option 3: Either debit/credit
Option 4: Neither debit nor credit
Correct Answer: Always Credit
Solution : In case of fixed capital method, partners' capital account is always having a credit balance. Hence, the correct option is 2.
Question : The Partner's Current Account has:
Question : What balance does a partner's capital account have, in case of fluctuating capital?
Question : In case of fixed capital, salary and commission payable to a partner will be recorded on the:
Question : On which side Partner's drawings out of Capital will be recorded, when their capitals are fixed?
Question : Which of the following accounts are opened when partners have fixed capital?
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