CameraIcon

SearchIcon

MyQuestionIcon

10

You visited us 10 times! Enjoying our articles? Unlock Full Access!

Partner's Capital Accounts

If current ac...

Question

If current accounts are not being managed for a partnership firm then partners are maintaining _______________ accounts.

A

Fixed capital account

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

Partnership account

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

Fluctuating capital account

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

D

Saving account

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is C Fluctuating capital account
A partnership term the capitals of partners are fluctuating, all adjustments with regards to the interest on capitals, interest on drawings, partners salaries etc. are passed through the capital accounts of the partners.

Suggest Corrections

thumbs-up

0

Similar questions

Q. A firm Maintains a Capital Account and a Current Account for each partner. What is the term used when this method of maintaining Capital Accounts is followed?

Q. If partners maintain both fixed capital and current accounts, which of the following would normally be credited to a partner's capital accounts?

Q. In a partnership firm one of the partner 'x' had no capital account. What could be the reason ________________.

Q. Under which Capital Account Method, Current Accounts of partners are not maintained?

Q. M/s. RSA maintains Partners' Capital Accounts under Fixed Capital Accounts Method. Accountant of the firm has credited their salary and interest on capital to their Capital Accounts. Do you agree with the treatment? Give reasons for your answer.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Analysing Capital Accounts

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Partner's Capital Accounts

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon