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Question

Which of the following account will be debited when the interest on drawings is charged and partner's follow fixed capital method?


  1. Interest account

  2. Profit & Loss account

  3. Fixed capital account

  4. Partner`s Current account


Solution

The correct option is D

Partner`s Current account


In case of fixed capital accounts, other transactions such as drawings and profit are recorded in a separate account called current account.

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