When is partner's current account opened? (Answer in one sentence)
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PARTNER CURRENT ACCOUNT OPEN UNDER FIXED CAPITAL METHOD.
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Explanation:
The current account of a partners is prepared when a fixed capital scheme is set in place. The original contribution as described in the partnership deed or the admission deed is maintained in the Capital Account in this scheme. The Capital Account also gives effect to any permanent addition or deletion of the Capital. Current Account is used for profit and loss, drawing, remuneration and interest purposes.
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