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In this presentation, we will focus on partnership withdrawals using a trial balance. The left side contains data on cash and equipment (assets), while the right side shows accounts payable (liabilities) and capital accounts, including capital and withdrawals. The income statement indicates revenue of $10,000 and expenses of $3,000, resulting in a net income of $7,000. The presentation highlights that debits (non-bracketed numbers) equal credits (bracketed numbers), resulting in a balance of zero. A key point to note is that withdrawals do not have to correspond with profit sharing, which can be a source of confusion in partnerships. For more accounting resources, visit accountinginstruction.info.
