Question

Under fixed capital method, capital account and ________ account is opened for each partner. (Fill in the blank by choosing correct option)
a) partner's drawings
b) partner's salary
c) partner's current
d) partne's commission

Answer 1

Under fixed capital method, salary or commission to partner is credited to partner’s current account.
The answer is c) partner's current

Answer 2

Answer:

partner's current

Explanation:

As per the question

Under fixed capital method, capital account and partner's current account is opened for each partner

Under fixed capital method the capital of the partners shall remain same fixed unless some additional capital is introduced or some amount of capital is withdrawn by the partners.

Other adjustment like on capital, interest or drawing partners salary commission etc. are recorded in separate partners current account.