Capital method in which partners current account is opened. Answer in a word / phrase / term.
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Capital is fixed
Explanation:
- A partnership current account is an account that is opened when the capital is fixed.
- In this various transactions are kept in record. For example, drawings, interest on capital or even salaries.
- The balance of this account need not be either purely debit or credit every time. Its possible for it to result in debit or credit.
- In this account, the capital of partners often fluctuates. It is not fixed.
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