What is meaning of Contribution and drawing
This query is : Resolved
24 December 2024
what is contribution and drawing in LLP and Partnership firm Accounts, what is its meaning.
24 December 2024
Contribution refers to the amount invested by partners in the business. This can be in the form of cash, assets, or services. Drawing refers to the amount withdrawn by partners from the business for personal use.
Contributions increase the partner's capital account, while drawings decrease it.
Contributions increase the partner's capital account, while drawings decrease it.
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