A student of accounting was heard to remark: You really do not need a Profit Distribution account
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A student of accounting was heard to remark: ‘You really do not need a Profit Distribution account when accounting for profit distribution in a partnership. Everything can be done through the Profit or Loss Summary account.’ Discuss.
DistributionThe word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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The statement is correct from a strictly accounting viewpoint If no Di...View the full answer
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Related Book For 
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
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