The capital accounts of partners will always show a ____ balance under fixed capital account method Option 1: Debit Option 2: Credit Option 3: Zero Option 4: Negative

The answer is 'Credit'. View full solution:

CUET Accountancy - The capital accounts of partners will always show a ____ balance under fixed capital account method | PYQs + Solutions

CUET Accountancy 2022 30 Aug Shift 2

Partnership

Easy

Debit

Credit

Zero

Negative

✅ Correct Option: 2

Related questions:

31 May Shift 1

If partnership deed is silent on the profit sharing ratio: interest @_____ per annum is allowed on loans advanced by partners-

20 July Shift 1

A firm earns a profit in last three years as follows :

2020 - 21 Rs. 75,000

2019 - 20 Rs. 1,20,000

2018 - 19 Rs. 50,000

Additional Information :-

Closing stock of 2020 - 21 was undervalued by Rs. 10,000.

Calculate the Average Profit.

24 May Shift 1

The Partnership Deed usually contains the following details:

(A) Amount of capital to be contributed by each partner

(B) The accounting period of the firm

(D) The rights, duties and liabilities of each partner

Choose the correct answer from the options given below: