Partner's drawings are:
A) amounts credited for working in the partnership.
B) partner's artwork.
C) cash amounts withdrawn or private expenses paid by the partnership on behalf of a partner, in anticipation of profits.
D) money borrowed from the partnership.

Question

Quizplus · Accepted Answer

Partner's drawings refer to cash amounts withdrawn or private expenses paid by the partnership on behalf of a partner, in anticipation of profits. It is important to keep track of partner's drawings in order to accurately calculate each partner's share of profits or losses.

Partner's Drawings Are