Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 20 - No. 42)
Which financial statement is used to report changes in partners' capital accounts over a period?
Income Statement.
Statement of Cash Flows.
Statement of Changes in Partners' Equity.
Balance Sheet.
Explanation
The statement of changes in equity shows changes in partners' capital accounts due to investments, drawings, profit/loss, etc.
Comments (0)
