Which combination of statements is true about the fixed and fluctuating capital:
(A). Under the Fixed capital method, two separate accounts are maintained for each partner, viz., 'capital account' and 'current account'.
(B). Under the Fluctuating capital method, the balance of the capital account fluctuates from year to year.
(C). Under the Fixed capital method, drawings, salary, interest on capital etc. are posted (transferred) in the current accounts and not in the capital accounts.
(D). Under the Fixed capital method, the capital accounts always show a debit balance.
Choose the correct answer from the options given below:
Held on 4 Jun 2025 · Verified 13 Jul 2026.
(A), (B) and (D) only
(A), (B) and (C) only
(A), (C) and (D) only
(B), (C) and (D) only
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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.