Explanation:

- Option 1: Fixed

- Partners' current accounts are opened when their capital accounts are fixed.

- Fixed capital accounts do not change due to regular transactions.

- Personal transactions like interest or drawings are recorded in current accounts.

- Correct Answer

- Option 2: Fixed and Fluctuating both

- Incorrect pairing for opening current accounts.

- Fluctuating capital accounts inherently track all changes.

- Option 3: Fluctuating

- Here, capital accounts naturally track all changes, so separate current accounts aren't necessary.

- Option 4: None of these

- Suggests neither or another condition for opening current accounts, which doesn't apply.