In Closing the Books of a Partnership the Balance of the Profit

question 20

Short Answer

In closing the books of a partnership the balance of the Profit and Loss Summary account is transferred to the profit d_______________ account.

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Definitions:

Human Resources

The department within an organization responsible for managing employee-related functions, such as hiring, training, compensation, and regulatory compliance.

Administrative

Relating to the organization, management, and execution of office duties, tasks, and functions.

Environmental Analysis

The systematic examination of the external factors that can impact an organization's performance, including political, economic, social, and technological elements.

Key Indicators

Metrics or measurements that provide insights into the performance, condition, or position of a business, project, or process.