✓ Board-verified
Accountancy · 2024 · 1 mark
Accounting for Partnership: Basic ConceptsMaintenance of Capital Accounts of Partners1 markassertion reason
CBSE 2024 · Region 3 · Set 2 · Q15
Assertion (A): Partners' current accounts maintained under 'Fixed Capital Method' may show a debit or a credit balance. Reason (R): In the 'Fixed…
Assertion (A) : Partners' current accounts maintained under 'Fixed Capital Method' may show a debit or a credit balance. Reason (R) : In the 'Fixed Capital Method', all items like share of profit or loss, interest on capital, drawings, interest on drawings et C. are recorded in the partners' capital accounts. Choose the correct option from the following :
Official answer
(C)
Assertion (A) is correct, but Reason (R) is not correct
Marking-scheme solution
(C)
– Assertion (A) is correct, but Reason (R) is not correct.
All Accounting for Partnership: Basic Concepts questions2024 question paperPractice Accounting for Partnership: Basic Concepts →
More from Accounting for Partnership: Basic Concepts
- Anita and Priyal were partners in a firm sharing profits and losses in the ratio of 3: 2. On 1st April, 2024, their capital accounts showed balances…2026
- Reema, Meesha and Shikha were partners in a partnership firm sharing profits and losses in the ratio of 8: 7: 5. On 1st October, 2023, Reema advanced…2025
- Anuj and Kartik were partners in a firm sharing profits and losses in the ratio of 5: 4. Anuj withdrew ₹ 20,000 in the beginning of every alternate…2025
- Monika, Bhoomika and Kamolika are partners sharing profits in the ratio of 6: 4: 1. Kamolika is guaranteed a minimum amount of ₹ 3,00,000 as her…2023
- Richa, Sheena and Tapti were partners in a firm sharing profits and losses in the ratio of 3: 2: 1. The partnership deed provided for charging…2024
- Radhika, Mehar and Shubha were partners in a firm sharing profits and losses in the ratio of 9: 8: 7. If Radhika's share of profit at the end of the…2025
- Sun and Moon were partners in a firm sharing profits and losses equally. Their fixed capitals were ₹ 5,00,000 each. After the accounts for the year…2025
- Nandita and Prabha were partners in a firm manufacturing furniture. They were sharing profits and losses in the ratio of 8:7. During the year ended…2026
CBSE Class 12 Accountancy past-paper question from the 2024 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.