Which of the following shall have effect on the capital account of partners under fixed capital method?

Drawings

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Interest on drawings

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Interest on capital

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None of the above

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Solution

The correct option is A
Drawings

Withdrawal of capital shall have effect on the capital account in case of fixed capital method of maintaining capital accounts

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Similar questions

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

Under ___ Method, all adjustments for drawings, salary, interest on capital, salary interest on capital, etc. are made in the capital account.

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