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P1 C1 INTRODUCTION OF PARTNERSHIP — Elements of Account STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceElements of AccountP1 C1 INTRODUCTION OF PARTNERSHIP1 Mark
Question
What is partner's current account?
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Answer

Under fixed capital account method, the account prepared to record the transactions of the partner with the partnership firm other than permanent capital is known as current account.

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