What are the differences between a partner’s current account and his capital account?

February 20th, 2011 Comments off
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The main differences are:

  • The balance on the capital account normally remains static from year to year

Whereas:

  • The current account is continually fluctuating up and down as a result of the partnership making a profit or loss, partner taking out their drawing and interest on capital

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Financial Accounting

 
 

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