Fundamental Accounting Principles
Fundamental Accounting Principles
24th Edition
ISBN: 9781260158595
Author: Wild
Publisher: MCG
Question
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Chapter 12, Problem 8E
To determine

Concept Introduction:

Partnership firm normally have a written agreement between partners with regards to sharing of profits, whether it is going to be equally, on the basis of capital investment or any other way. On the basis of such sharing ratio, the books of accounts get affected for each partner's capital account.

For every partnership firm, periodically the partner's statement of equity is prepared to keep the track of partner's net capital.

To Prepare:

The Statement of Partner's Equity for the year ended December 31

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