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Journalising Transactions

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Question

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

Under this method capital balances of partner remain constant.

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Solution

Fixed Capital Method
Explanation: Under Fixed Capital Account Method, capital balances of partners remain constant. In this method, a separate account known as Current Account is opened and all transactions related to interest on capital, drawings, remuneration of partners etc are recorded in it.

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