Which of the Following Statements Is True About Partnership Accounting

Multiple Choice

Which of the following statements is true about partnership accounting?

A) A particular partner's capital account is debited when a withdrawal takes place by that partner.
B) The process of closing, through the closing entry process, a positive net income results in an increase in overall partner capital.
C) The drawings account balances are deducted to arrive at the net income to allocate to the partners.
D) The drawings account is closed to retained earnings at the end of the period.