1.Partner's regular cash withdrawal is credited to a separate withdrawal account._

2.In closing the accounts at the end of a period, the partners' capital accounts are credited for their share of the partnership loss or debited for theirshare of the partnership net income

3.The statement of changes in partners' equity shows the beginning balance only in the capital accounts if the accountant uses the fixed capital method.

4. The statement of changes in partners' equity should present regular salary drawings as a reduction from equity whether salary allowances withdrawn are of the same amount or not as agreed in their profit sharing agreement.

5.If partners devote their time and services to their partnership, their salaries should be presented as expenses.

6. An industrial partner may receive salary allowance but not interest profit.

7. A limited partner may receive interest profit and salary allowance.

8. Reggie is a partner in Time To Sleep. An analysis of her capital account indicates that during the year, her residual share was a loss of P16,000 after a salary allowance of P20,000 which she withdrew during the year. Her total loss share for the year was P36,000.

9. Refer to. No. 8. If Reggie's capital account at the end of the year reached P150,000 after she made an additional mid year contribution of P10,000, her capital balance at the start of the year must have been P144,000 including beginning drawing balance.

10. The accountant briefly explained this entry as cash investment of Helen with bonus given bythe other partners:

Cash 900,000

Ben Chan, Capital 50,000

Rose Jocson, Capital 50,000

Helen Reyes, Capital 800,000

T/F

Please provide the answer if it is false for me to understand. This is a 10 exercises given by our professor for this upcoming lesson next week. Thank You