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CBSE Class 12-commerce Answered

It is possible that fixed capital account having dr balance
Asked by nasamkhan0366 | 08 Dec, 2018, 06:15: PM
answered-by-expert Expert Answer
In case where the partners maintain Fixed Capital Accounts, only transactions related to inflow and outflow of Capital are recorded in this Account. These transactions include initial capital contributed by the partners, additional capital being contributed and capital being withdrawn by the partners. It is important to know that amount of capital withdrawn by a partner cannot exceed amount of capital he has contributed. At no point in time the withdrawals i.e. the debit side of the Account can be more than the credit side of the Account where all the amounts of Capital Contributed are recorded. Therefore, such Fixed Capital Account will always have a credit balance and hence, it is not possible that fixed capital account will have a debit balance.
Answered by | 10 Dec, 2018, 10:48: AM

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