The Statement of Partners' Equity explains
A) the amount of legal liability of each of the partners.
B) the types of assets invested in the business by each partner.
C) how the partnership will be capitalized if a new partner is admitted to the partnership.
D) the changes in each partner's capital account and in total partnership capital during a period.

Question

Quizplus · Accepted Answer

The Statement of Partners' Equity shows the changes in each partner's capital account and in total partnership capital during a specific period, including contributions, withdrawals, and share of profits or losses.

The Statement of Partners' Equity Explains