Jones and Smith Formed a Partnership with Each Partner Contributing

question 13

Multiple Choice

Jones and Smith formed a partnership with each partner contributing the following items: Assume that for tax purposes Jones and Smith agree to share equally in the liabilities assumed by the Jones and Smith partnership.
-Refer to the above information. What is the balance in each partner's capital account for financial accounting purposes?

• A) Option A
• B) Option B
• C) Option C
• D) Option D

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