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Accountancy · 2024 · 1 mark
Accounting for Partnership: Basic ConceptsMaintenance of Capital Accounts of Partners1 markassertion reason
CBSE 2024 · Region 3 · Set 3 · Q14
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 Metllod', all items like she re of profit or loss, interest on capital, drawings, interest on drawings etc. 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.
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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.