The Withdrawals Account of Each Partner Is

question 80

Multiple Choice

The withdrawals account of each partner is:

• A) Credited when closed to his/her capital account.
• B) Debited when closed to his/her capital account.
• C) A permanent account and not closed.
• D) Credited with his/her share of net income.
• E) Debited with his/her share of net loss.

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Definitions:

Bankruptcy Judge

A judicial officer who presides over court proceedings related to bankruptcy cases, including the resolution of claims and distribution of assets.

Bankruptcy

A judicial mechanism enabling individuals or entities incapable of fulfilling their monetary commitments to obtain exemption from part or entire of their debts.

Business Owner

An individual or entity that legally possesses a company, is responsible for its operations, and enjoys the benefits of its success.

Penniless

Refers to having no money; being very poor.