When a partner makes a cash withdrawal that is intended to be a permanent reduction in his/her investment, the withdrawal account is debited.

Name: When a partner makes a cash withdrawal that is intended to be a permanent reduction in his/her investment, the withdrawal account is debited.
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Question

Quizplus · Accepted Answer

When a partner makes a cash withdrawal, the partner's capital account (not the withdrawal account) is credited to reflect the reduction in the partner's investment in the partnership.

When a Partner Makes a Cash Withdrawal That Is Intended