Question : The Partner's Current Account has:
Option 1: a debit balance
Option 2: a credit balance
Option 3: either a debit or credit balance
Option 4: a nil balance
Correct Answer: either a debit or credit balance
Solution : A current account is either having a debit or a credit balance because all incomes and charges will come in this account only. Hence, the correct option is 3.
Question : The balance of partner's Capital Accounts, in case of fixed capital method, are:
Question : In case of fixed capital, salary and commission payable to a partner will be recorded on the:
Question : What balance does a partner's capital account have, in case of fluctuating capital?
Question : On which side Partner's drawings out of Capital will be recorded, when their capitals are fixed?
Question : Interest on partner's drawings is credited to:
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