The book value of a partner's interest is shown by the credit balance of the partner's capital account, after all profits or losses have been allocated in accordance with the partnership agreement, and the books have been closed.
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Q31: Under the laws of some states, all
Q32: In the liquidation of the partnership, adjusting
Q33: The allocation of net income and its
Q34: In the liquidation of the partnership, the
Q35: The statement of partners' equity reflects the
Q37: The admission of a new partner calls
Q38: Only the income statement is affected by
Q39: A gain on the sale of assets
Q40: Partners may agree that the most equitable
Q41: After closing the temporary owners' equity accounts
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