Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 16 - No. 45)
What does the term "drawings" refer to in a partnership?
The initial capital contribution by a partner.
The partner's share of the profits.
The partners' withdrawals of cash or assets from the business.
The partnership's expenses.
Explanation
Drawings are withdrawals of cash or assets from the business.
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