Partnership

Accounting

Easy

common

In fixed capital method, all adjustments for partner's drawings, salary, interest on capital, etc. are posted in the:

Partners' Capital Accounts

Partners' Current Accounts

Profit and Loss Account

Partners' Capital and Current Account Both

✅ Correct Option: 2

Under the fixed capital method, the Capital Account balance remains unchanged except for permanent introduction or withdrawal of capital. All routine adjustments such as drawings, salary, interest on capital, interest on drawings and share of profit are recorded in a separate Partners' Current Account.

2025: 26 May Shift 2

Which of the following statements results in the reconstitution of a partnership firm :-

(A) Change in profit sharing ratio among partners.

(B) Admission of a new partner.

(D) Dissolution of a partnership.

Choose the correct answer from the options given below:

2025: 13 May Shift 1

Calculate Interest on drawings for the amount of Rs. 7000 withdrawn on November 30, 2019

2025: 24 May Shift 1

Choose the correct statement in respect of the Fixed Capital Method for a Partnership Firm :-

2025: 27 May Shift 1

Calculate interest on drawing if Ram withdrew Rs. 3,000 per month at the beginning of each month for the whole year, if interest on drawing is charged @ 9 % per annum.

2025: 3 June Shift 1

Match List-I with List-II

List–I (Events)	List–II (Result)
(A) Profit share	(I) Gaining ratio.
(B) Admission of Partners	(II) Different concept
(C) Retirement of a partner.	(III) Equally among partners
(D) Dissolution of firm and partnership.	(IV) Sacrifice ratio.

Choose the correct answer from the options given below:

2025: 22 May Shift 1

All adjustments in respect of partner's salary, partner's commission, interest on capital, interest on drawings, etc. are made through:

In fixed capital method, all adjustments for partner's drawings, salary, interest on capital, etc. are posted in the:

Solution

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