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Accountancy · 2024 · 1 mark
Accounting for Partnership: Basic ConceptsMaintenance of Capital Accounts of Partners1 markassertion reason
CBSE 2024 · Region 4 · Set 3 · Q16
Assertion (A): Under the fixed capital method, partners' capital accounts always show a credit balance. Reason (R): Under the fixed capital method,…
Assertion (A) : Under the fixed capital method, partners' capital accounts always show a credit balance. Reason (R) : Under the fixed capital method, all items like share of profit or loss, interest on capital, drawings, interest on drawings are recorded in a separate account called partners' current account. Choose the correct alternative from the following :
Official answer
(A)
Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A)
Marking-scheme solution
(A)
Both Assertion(A) and Reason(R) are correct and Reason (R) is the correct
explanation of Assertion (A).
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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.