Question
Which of the following is NOT a feature of method 1 of accounting for partnership equity? a.The profit or loss distribution account is closed to
Which of the following is NOT a feature of method 1 of accounting for partnership equity?
a.The profit or loss distribution account is closed to the partners capital accounts.
b. Partners drawings are closed to their capital accounts.
c.Partners initial assets investment are debited to capital accounts.
d. Interest on capital is credited to the partners retained earnings accounts.
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
Auditing
Authors: Alan Millichamp, John Taylor
12th Edition
1473778999, 9781473778993
