When the partners are having fixed capital, the profit or loss is credited/debited to ______.

Current A/c

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Fixed capital A/c

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Fluctuating capital A/c

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Any of these

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Solution

The correct option is A Current A/c
If firm maintain fixed capital account, then profit and loss, drawing and interest transaction execute through current capital account only. In case of fluctuating capital account, no separate fixed capital account is maintained.

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When the partners are having fixed capital, the profit or loss is credited/debited to ______.

The correct option is A Current A/cIf firm maintain fixed capital account, then profit and loss, drawing and interest transaction execute through current capital account only. In case of fluctuating capital account, no separate fixed capital account is maintained.

The correct option is A Current A/c
If firm maintain fixed capital account, then profit and loss, drawing and interest transaction execute through current capital account only. In case of fluctuating capital account, no separate fixed capital account is maintained.