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A B and C maintain fixed capitals. C's current account had an opening debit balance of ₹5000. During the year C's profit share is ₹22000 and drawings are ₹30000. What is the closing current account balance?

Answer and explanation

Correct answer: Debit ₹13000

Opening debit and drawings total ₹35000 while credit is ₹22000. The balance remains debit ₹13000.

Related tags

PartnershipCurrent AccountFixed CapitalAdjustmentsPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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