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If a firm prefers Partners Capital Accounts to be shown at the amount introduced by the partners as capital in firm then, the entries for salary, drawings, interest on capital or drawings and profits are made in
  • a)
    Trading Account
  • b)
    Profit and Loss Account
  • c)
    Balance Sheet 
  • d)
    Partners’ Current Account
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
If a firm prefers Partners Capital Accounts to be shown at the amount ...
In case of partnership type of ownership in a business, partner current account is prepared when capital is fixed. Transactions such as drawings, salary, and interest on capital and drawings are recorded. The balance of this account fluctuates every year. The balance can be both credit or debit.
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Most Upvoted Answer
If a firm prefers Partners Capital Accounts to be shown at the amount ...
Capital Account

d) Partners Capital Account
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If a firm prefers Partners Capital Accounts to be shown at the amount introduced by the partners as capital in firm then, the entries for salary, drawings, interest on capital or drawings and profits are made ina)Trading Accountb)Profit and Loss Accountc)Balance Sheetd)Partners’ Current AccountCorrect answer is option 'D'. Can you explain this answer?
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If a firm prefers Partners Capital Accounts to be shown at the amount introduced by the partners as capital in firm then, the entries for salary, drawings, interest on capital or drawings and profits are made ina)Trading Accountb)Profit and Loss Accountc)Balance Sheetd)Partners’ Current AccountCorrect answer is option 'D'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about If a firm prefers Partners Capital Accounts to be shown at the amount introduced by the partners as capital in firm then, the entries for salary, drawings, interest on capital or drawings and profits are made ina)Trading Accountb)Profit and Loss Accountc)Balance Sheetd)Partners’ Current AccountCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for If a firm prefers Partners Capital Accounts to be shown at the amount introduced by the partners as capital in firm then, the entries for salary, drawings, interest on capital or drawings and profits are made ina)Trading Accountb)Profit and Loss Accountc)Balance Sheetd)Partners’ Current AccountCorrect answer is option 'D'. Can you explain this answer?.
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