Withdrawals from the partnership capital accounts are typically not used to reward partners for work performed in the business. to reduce the partners' capital account balances at the end of an accounting period. to record interest earned on a partner's capital balance. to reduce the basic investment that has been made in the business. to record the partnership's payment of a partner's personal expense such as income tax.

Question

30-03-2020
Business

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Withdrawals from the partnership capital accounts are typically not used to reward partners for work performed in the business. to reduce the partners' capital account balances at the end of an accounting period. to record interest earned on a partner's capital balance. to reduce the basic investment that has been made in the business. to record the partnership's payment of a partner's personal expense such as income tax.

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majorprofessional majorprofessional · Answer 1 · 2020-03-31T06:21:34+02:00

Answer:

withdrawals from the partnership capital accounts are typically not used to reward patners for work performed in the business but to reduce the partners' capital account balances at the end of an accounting period.

Explanation:

Every amount received by the partners from partnership shall be credited to their partners capital or current account. any withdrawal by the parners will reduce the balance on such partner capital account at the end of the accounting year.