Which among the following is not the feature of a fixed capital method by which the capital accounts of partners can be maintained?
Held on 30 May 2025 · Verified 13 Jul 2026.
Under this method, two separate accounts are maintained for each partner, viz., 'capital account' and 'current account'.
Drawings, salary, interest on capital, etc. are posted (transferred) in the current accounts and not in the capital accounts.
The capital account shows debit balance.
The capital account balance remains unchanged unless there is an addition to or withdrawal of capital.
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An unrecorded asset is taken over by a creditor in full settlement in such a case
The liability of partners is
As per AS-26 Intangible assets like goodwill should be written off.
Identify the correct statement from the given below :-
By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.
Work through every CUET UG Partnership PYQ, year by year.