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The payment of the owner's personal expenses from the business's chequebook should be recorded with a debit to:
Wrongful Dissociation
In a business partnership context, refers to the improper withdrawal or expulsion of a partner contrary to the agreement terms or laws.
Rightful
Legitimately or legally correct; justifiably claimed or acknowledged.
Term Partnership
A partnership established for a specified duration as outlined in the partnership agreement.
Specified Cause
A particular reason or condition that is clearly defined and identified for actions such as termination of a contract or activation of provisions.
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