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प्रश्न
Assertion (A): Under the fluctuating capital method, the balance in the capital account fluctuates from time to time.
Reason (R): Under the fluctuating capital method, all the adjustments such as share of profit and loss, interest on capital, drawings, interest on drawings etc, are recorded directly in the capital accounts of the partners.
पर्याय
(A) is correct but (R) is wrong
Both (A) and (R) are correct but (R) is not the correct explanation of (A).
Both (A) and (R) are incorrect.
Both (A) and (R) are correct and (R) is the correct explanation of (A).
उत्तर
Both (A) and (R) are correct and (R) is the correct explanation of (A).
APPEARS IN
संबंधित प्रश्न
Nusrat and Sonu were partners in a firm sharing profits in the ratio of 3:2. During the year ended 31-3-2015 Nusrat had withdrawn Rs.15,000. Interest on her drawings amounted to Rs.300. Pass necessary journal entry for charging interest on drawing assuming that the capitals of the partners were fixed.
Neetu, Meetu, and Teetu were partners in a firm. On 1st January 2018, Meetu retired. On Meetu's retirement, the goodwill of the firm was valued at Rs 4,20,000.
Pass necessary journal entry for the treatment of goodwill on Meetu's retirement.
Distinguish between ‘Fixed Capital Account’ and ‘Fluctuating Capital Account’ on the basis of credit balance
Give the word / term or phrase which can substitute the following statement.
Method of Capital account in which capital balances of partners changes every year?
State whether the following statement are True or False.
The balance of capital account remains constant under fixed capital method.
State whether the following statement is True or False with reasons.
Adjustments are recorded in Partner's Current Account in Fixed Capital Method.
The balance of Drawings Account of a partner is transferred to his _______ account under the Fixed Capital Method.
When partners adopt Fixed Capital Method then they have to operate ________ Account.
Do you agree/disagree with the following statement:
The balance of Capital Account remains constant under Fixed Capital Method.
State whether the following statement is True or False with reasons:
Adjustments are recorded in Partners Current Account in Fixed Capital Method.
Write the word/phrase/term, which can substitute the following sentence.
Such capital method in which only capital account is maintained for each partner.
Answer in one sentence only:
What is fluctuating capital?
Answer in one sentence only :
What is fluctuating capital?
What is fluctuating capital?
Answer in one sentence only:
What is fluctuating capital?
Answer in one sentence only:
What is fluctuating capital?
Answer in one sentence only:
What is fluctuating capital ?
