The statement of partners' equity shows the changes in each partner's capital account for a specific period of time.

Question

Quizplus · Accepted Answer

The statement of partners' equity is a financial statement that shows the changes in each partner's capital account over a specific period of time, including contributions, withdrawals, and the share of profits or losses. It is an important tool for tracking the financial performance of a partnership and determining each partner's ownership stake in the business.

The Statement of Partners' Equity Shows the Changes in Each