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Write the word/phrase/term, which can substitute each of the following sentences.i. The capital method in which the partner’s Current Account is opened.ii. The capital method in which the partner’s Current Account is not opened.iii. Method of Capital Account in which capital balances of partners change every year.iv. Expenses that are due but not paid at the end of the year.v. A provision that is created on sundry debtors for likely bad debts. |
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Answer» i. Fixed Capital Method ii. Fluctuating Capital Method iii. Fluctuating Capital Method iv. Outstanding/Unpaid expenses v. Reserve for Doubtful Debts |
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