Why does the Fixed Capital Account of partners show credit balance even when the firm suffers losses year after year? (C.B.S.E. 2020, Mumbai, Chennai)
SOLUTION Because the losses are adjusted through Partner’s Current Accounts.
In case the partner ‘s capital accounts are fixed; withdrawal of capital is recorded in which account?(C.B.S. E. 2020, Mumbai, Chennai)
SOLUTION Partner's Capital Accounts.
Name the methods according to which partner’s capital accounts are maintained.
SOLUTION Fixed Capital Accounts and Fluctuating Capital Accounts.
List any two items that may appear on the credit side of the Capital Account of a partner when the capitals are fluctuating.
SOLUTION (i) Interest on Capital. (ii) Share of Profit.
List any two items that may appear on the debit side of the Capital Account of a partner when the capitals are fluctuating.
SOLUTION (i) Drawings; (ii) Interest on Drawings.
Mention two items that may appear on the credit side of a Partner’s Fixed Capital Account.
SOLUTION (i) Opening Balance of Capital, and (ii) Additional Capital Introduced.
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