Question

Where would you record interest on drawings when the capitals of the partners are
fixed?

Answer 1

Partners current account is the account to  record interest on drawings when the capitals of the partners are fixed.

Answer 2

Two accounts are opened for recording the transactions in the Fixed Capital technique.

• The capital introduction is recorded in the capital account. If no new capital nor existing capital is introduced nor removed, it remains constant year after year. In accounting, the individual ownership rights of a company's owners are recorded in a capital account. The balance sheet includes a record of the capital account.
• Current Account, which keeps track of all other adjustments such as pay, commissions, capital interest, and withdrawals. A current account, sometimes referred to as a financial account, is a type of deposit account kept by people who do a disproportionately high volume of banking activities on a regular basis.

Therefore, when the capital of the partners is fixed, a partner's withdrawals will be recorded on the current account's debit side.

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