what is the partner current account means
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The current account of a partner records transactions a partners has with the firm. For example salary, interest on capital and profits etc. ... are debited to current account of the partner.
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In the case of partnership type of ownership in a business, Partner current account is prepared when account is fixed. Transactions such as drawing, 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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