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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
Why it is necessary to open partners current account?
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Answer

When firm adopted fixed capital account method, to record the transactions of the partner with the partnership firm, other than permanent capital, it is necessary to open partners current account.

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