Fixed Capital Questions

A firm which maintains fixed capital accounts had two partners, Vimla and Kamla, sharing profits in the ratio $1:1$. The firm credited the partners with profit without allowing interest on Capital, which is allowed in the deed. Choose the correct option to pass a journal entry for the past adjustment if the Interest on capital is ₹2,000 for Vimla and ₹3,000 for Kamla.

Under the fixed capital method of a partnership concern, which two accounts are maintained for each partner?

In case of a Fixed Capital Account framework, Interest on Drawings is:

When capital accounts are maintained under the Fixed Capital method, additional capital introduced by a partner is recorded as a: