The general ledger of a partnership will
A)contain a separate capital account for each partner.
B)contain one capital account that reflects the total equity of all partners.
C)not contain a capital account or accounts.
D)not contain a separate drawing account for each partner.

Question

Quizplus · Accepted Answer

The general ledger of a partnership will contain a separate capital account for each partner, which reflects each partner's individual equity in the partnership. Additionally, there will be a drawing account for each partner to track the amount withdrawn from the partnership by each partner.

The General Ledger of a Partnership Will