Which of the following is TRUE of a partnership balance sheet?
A) Each partner's assets will be shown separately.
B) Each partner's liabilities will be shown separately.
C) Each partner's equity will be shown separately.
D) Each partner's assets, liabilities, and equity will be shown separately.

Question

Quizplus · Accepted Answer

A partnership balance sheet shows the total assets, liabilities, and equity of the partnership as a whole, but the equity section will be broken down to show each partner's capital account separately. The individual assets and liabilities of each partner are not shown on the partnership balance sheet.

Which of the Following Is TRUE of a Partnership Balance