Partner Current Account
Code: 3510
👁 Views: 92
Account Information
| Financial Statement | Statement of Financial Position |
| Normal Balance | Debit |
Definition
This account records amounts that a partner adds to the entity (as a loan or additional investment) or withdraws (as drawings or withdrawn profits). Its balance may be debit or credit.
📐 IFRS vs US GAAP Accounting Treatment
IFRS
IAS 1
Presentation of Financial Statements
US GAAP
ASC 505
Equity
❓ Frequently Asked Questions
Q: What is the partner current account?
A: Records amounts a partner adds to the entity (additional investments) or withdraws (drawings or withdrawn profits). Its balance may be debit or credit.