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In this presentation, we explore partnership withdrawals, referencing a trial balance with assets (cash and equipment), liabilities (accounts payable), and capital accounts (capital and withdrawals). We focus on income statement accounts, illustrating net income as revenue of $10,000 minus expenses of $3,000. The trial balance shows that debits (non-bracketed) equal credits (bracketed), totaling zero. It’s important to note that withdrawals do not need to align with profit sharing, which can often cause confusion in partnerships. For additional accounting information and resources, visit accountinginstruction.info.
