While maintaining partner's capital acco

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Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Partnership

Question:

While maintaining partner's capital accounts, under which method current account is opened by the partnership firm?

Options:

Fixed capital method

Fluctuating capital method

Both

None of these

Correct Answer:

Fixed capital method

Explanation:

Two accounts are opened by a partnership firm in case of fixed capital method - current account & capital account.