Contributions to a partnership are entered in the books in the same way that a proprietor's assets and liabilities are recorded.

Question

Quizplus · Accepted Answer

Contributions to a partnership are recorded as either a credit to the capital account or a debit to the cash or other asset account, depending on the nature of the contribution. This is similar to how a proprietor's assets and liabilities are recorded in a sole proprietorship.

Contributions to a Partnership Are Entered in the Books in the Same