When a partner withdraws his or her partnership interest for cash,the liabilities in the balance sheet remain unchanged.

Name: When a partner withdraws his or her partnership interest for cash,the liabilities in the balance sheet remain unchanged.
Brand: Quizplus
Rating: 5.0 (51 reviews)

Question

Quizplus · Accepted Answer

When a partner withdraws his or her partnership interest for cash, only the partner's capital account is affected, not the liabilities of the partnership. Therefore, the liabilities in the balance sheet remain unchanged.

When a Partner Withdraws His or Her Partnership Interest for Cash,the