In a while, Johnny will have enough in the long-term savings jar to open up an interest-drawing account.
2.
At the end of the accounting period the drawing account is closed to the capital account of the partner.
3.
Assets, Expenses, and Drawings accounts ( on the left side of the equation ) have a normal balance of " debit ".
4.
Assume that the partnership agreement specifies that in such a case the difference is divided according to the ratio of their capital interests after allocating net income and closing their drawing accounts.
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