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Current Account - To record, drawing made by a partner and his share in allocation of profit etc.

                       an account known as Partner’s Current Account is opened. The format of Partner’s Current


                       Account is as follows:




                       Income statement

                       The financial statements of a partnership business are similar to those of a proprietorship. The


                       income statement, statement of changes in partners’ equity and the balance sheet follow.

                       Assume that each partner has withdrawn $8,000 during the year.

































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