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Treating Manager as Partner

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Question

Give the word / term or phrase which can substitute each of the following statement.

Capital method in which partner’s current account is opened.

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Solution

Fixed Capital Method
Explanation: Under Fixed Capital Account Method, a partner’s Current Account is opened. In this method, the capital of the partners remains unaltered and all other transactions relating to interest on drawings, salary, etc. are recorded in the Current Account.

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