Jones and Smith formed a partnership with each partner contributing the following items:
Assume that for tax purposes Jones and Smith agree to share equally in the liabilities assumed by the Jones and Smith partnership.

-Refer to the above information.What is the balance in each partner's capital account for financial accounting purposes?

Question

Jones and Smith formed a partnership with each partner contributing the following items:
Assume that for tax purposes Jones and Smith agree to share equally in the liabilities assumed by the Jones and Smith partnership.
 
-Refer to the above information.What is the balance in each partner's capital account for financial accounting purposes?

Quizplus · Accepted Answer

The Answer of Jones and Smith formed a partnership with each partner contributing the following items:
Assume that for tax purposes Jones and Smith agree to share equally in the liabilities assumed by the Jones and Smith partnership.
 
-Refer to the above information.What is the balance in each partner's capital account for financial accounting purposes?

Jones and Smith Formed a Partnership with Each Partner Contributing