Thursday, 8 August 2013

Partnership accounting: Is the same as accounting for a sole proprietorship. Is the same as accounting for an S corporation. Is the same as accounting for a sole proprietorship, except that separate capital and withdrawal accounts are kept for each partner. Is the same as accounting for a corporation, except that retained earnings is used to keep track of partners' withdrawals. Is the same as accounting for a corporation.

Partnership accounting:
Is the same as accounting for a sole proprietorship.
Is the same as accounting for an S corporation.
Is the same as accounting for a sole proprietorship, except that separate capital and withdrawal accounts are kept for each partner.
Is the same as accounting for a corporation, except that retained earnings is used to keep track of partners' withdrawals.
Is the same as accounting for a corporation.



Answer
Is the same as accounting for a sole proprietorship, except that separate capital and withdrawal accounts are kept for each partner.

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