In accounting for a partnership separate capital and drawings accounts are maintained for each:
A) shareholder.
B) partnership.
C) year.
D) partner.

Question

Quizplus · Accepted Answer

Separate capital and drawings accounts are maintained for each partner in a partnership to record their individual contributions to the partnership and their drawings. This helps to accurately track each partner's share of the partnership's profits and losses, as well as their individual transactions. Maintaining separate accounts for each year, shareholder, or partnership is not necessary in this context.

In Accounting for a Partnership Separate Capital and Drawings Accounts