The purpose of preparation of partners' capital account is: a. To know the balance of capital of each partner b. To know the balance of goodwill of each partner c. To know the balance of drawings of each partner d. To know the interest on loan of each partner
The purpose of preparation of partners' capital account is: a. To know the balance of capital of each partner b. To know the balance of goodwill of each partner c. To know the balance of drawings of each partner d. To know the interest on loan of each partner
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 1BD
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Question
The purpose of preparation of partners' capital account is:
a.
To know the balance of capital of each partner
b.
To know the balance of goodwill of each partner
c.
To know the balance of drawings of each partner
d.
To know the interest on loan of each partner
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