What is the purpose of a drawing account in a partnership’s financial records? At what point in…

 
   

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadlines.  

What is the purpose of a drawing account in a partnership’s financial records?  At what point in the accounting process does the allocation of partnership income become significant?  What provisions in a partnership agreement can be used to establish an equitable allocation of income among all partners?