Home › CBSE Class 12 (Commerce) › Accountancy › Accounting for Partnership Firms: Fundamentals › A partner's capital account is fixed. Where is h…
A partner's capital account is fixed. Where is his share of profit credited?
ACurrent account
BCapital account
CBank account
DCash account
Answer & Solution
Correct answer: A. Current account
Share of profit is a regular adjustment, and under fixed capital those go to the current account.
Related questions
In a sole proprietorship, where does net profit go?If the deed is silent, how are losses shared?Interest on capital is allowed on capital for what period?Where do partners' capital accounts appear in the balance sheet?Rs. 9,000 of omitted interest on capital is shared equally by two partners. Each is chargeInterest on capital was omitted: Rameez Rs. 3,000, Zaheer Rs. 6,000, profits equal. Net adWhat is a past adjustment in partnership accounts?Deficiency Rs. 5,000 is borne by Madhulika and Rakshita in 2:3. Rakshita's cost?