जर्नल एंट्रीज ऑफ पार्टनर्स करंट अकाउंट
Answers
Answer:
The partnership capital account is an equity account in the accounting records of a partnership. It
contains the following types of transactions:
1. Initial and subsequent contributions by partners to the partnership, in the form of either cash or the market value of other types of assets.
2. Profits and losses earned by the business, and allocated to the partners based on the provisions of the partnership agreement.
3. Distributions to the partners.
The ending balance in the account is the undistributed balance to the partners as of the current date.
Partner's capital account can either have a credit balance or debit balance.
Explanation:
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Explanation:
As the amount is guaranteed, it must be dealt with through a credit entry in the partner's account (usually the current account) before the residual profit is shared. The double entry is completed by a debit entry in the Appropriation Account