Which of the following are correct ways of recording partnership equity? Method 1 Method 2 I Partner's Drawings account is closed off to: Patner's capital account Partner's retained earnings account II Distribution of profit and loss: Patner's capital account Partner's retained earnings account III Parner contribution of assets: Patner's capital account Partner's retained earnings account IV Profit and loss summary account is closed off to: Profit distribution account Profit distribution account

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