Question

Name the accounts that will be opened if the capital accounts of the partners are to remain fixed ?​

Answer 1

Fixed capital system of accounting states that the capital of partners will remain the same as in beginning.

Fixed capital system of accounting states that the capital of partners will remain the same as in beginning.To record any entry related to capital

introduction or withdrawal, partners' capital account is prepared and to record any appropriation in the profit like interest on drawing, capital and salaries of partners, partners' current account is prepared so that therre is no change in capitals of partners.

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Answer 2

Answer:

Fixed capital system of accounting states that the capital of partners will remain the same as in beginning.

To record any entry related to capital introduction or withdrawal, partners' capital account is prepared and to record any appropriation in the profit like interest on drawing, capital and salaries of partners, partners' current account is prepared so that therre is no change in capitals of partners.

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