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Adjustment of Reserves

List the item...

Question

List the item that may appear on the debit side of a Partner's Fixed Capital Account.

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Solution

An item that may appear on the debit side of the Partner's Fixed capital account is withdrawal of the capital which is carried out by a mutual agreement between the partners.

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Similar questions

Q. Mention the items that may appear on the credit side of the Capital Account, when the partners capital are fixed.

Q. Mention the items that may appear on the debit side of the Capital Account of a partner when the capitals are fluctuating.

List the items which may be debited or credited in capital accounts of the partners when

(i) Capitals are fixed

(ii) Capitals are fluctuating

Q. Give three items that may appear on the debit side of the Partner's Current Account

Q. If a loan from a partner appears on the liabilities side of the Balance Sheet of the firm and the Capital Account of such partner shows a debit balance, how is loan dealt with?

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