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Which of the following statements about partnership account is true? A. Two accounts are generally maintained for each partner, a drawing account and a capital
Which of the following statements about partnership account is true?
A. Two accounts are generally maintained for each partner, a drawing account and a capital account.
B.The drawing account is credited with the partner's withdrawals of cash or other assets during the period.
C. Answer (a) is correct but (b) is false.
D. Both answers are correct (a) and (b).
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