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Appropriation of Profits

Mention the i...

Question

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

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Solution

Items that may appear on the credit side of the Capital Account when the partner's capitals are fixed are:
1. The opening balance of the partner's capital that appears on the Balance Sheet of the previous year.
2. Any additional capital brought in by the partners.

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