Question

3. List the items which may appear on the debit side of (a) Partner's Capital Account and
Partners Current Account.
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Answer 1

Answer:

Items that may appear on the debit side of the Capital Account when the capitals are fluctuating :

Interest on drawings;

Drawings of the partners;

Share of loss of each partner;

Withdrawal of capital by the partners;

Closing Balance of the Partner's capital account.

Answer 2

Answer:

Items that may appear on the debit side of the Capital Account when the capitals are fluctuating :

1. Interest on drawings;
2. Drawings of the partners;
3. Share of loss of each partner;
4. Withdrawal of capital by the partners;
5. Closing Balance of the Partner's capital account