At the Withdrawal of a Partner Where a Bonus Is

question 163

True/False

At the withdrawal of a partner where a bonus is paid to the withdrawing partner,cash must be paid personally by the remaining partners.

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Definitions:

Journal Entry

A record that represents a single financial transaction in the books of accounts.

Computerized Accounting System

Software used by companies to manage their financial transactions, records, and reports electronically.

Transactions Into QBO

The process of recording financial activities into the QuickBooks Online accounting software.

Onscreen Journal

A digital ledger or log used in accounting software to record financial transactions, accessible through a computer or mobile device interface.