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When a partner withdraws from the partnership, what is the journal entry?

Practice Questions

1 question
Q1
When a partner withdraws from the partnership, what is the journal entry?
  1. Debit Capital Account, Credit Cash
  2. Debit Cash, Credit Capital Account
  3. Debit Drawings, Credit Capital Account
  4. Debit Capital Account, Credit Drawings

Questions & Step-by-step Solutions

1 item
Q
Q: When a partner withdraws from the partnership, what is the journal entry?
Solution: When a partner withdraws, the Capital Account is debited to reduce the partner's equity, and Cash is credited to reflect the payment.
Steps: 0

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