Question
1.The partner's capital and drawing accounts are corresponding to the corporation's Group of answer choices Revaluation surplus account Accumulated earnings account Share capital account Share
1.The partner's capital and drawing accounts are corresponding to the corporation's
Group of answer choices
Revaluation surplus account
Accumulated earnings account
Share capital account
Share premium account
2.The drawing account is debited, except for
Group of answer choices
Withdrawal of partnership's assets by the partner
Funds or claims of partnership collected and retained by the partner
Partnership obligations assumed or paid by the partner
Partner's personal indebtedness paid or assumed by the partnership
3.The partner's capital account is credited when there is a (an)
Group of answer choices
All choices are correct
Initial investment in the partnership
Share in net income of the partnership
Additional investment in the partnership
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started