Partnership & Capital Account

I have studied almost all post in this forum related to capital account.
Now, what I understand is explained below-

Capital Accounts (Partnership)

  • Partner # 1
  • Partner # 2
  • Partner # …

When a Partner draws money-

Spend Money
Credit > Cash Account
Debit > Capital Account > Partner > Drawings

When a Partner invest money-

Receive Money
Debit > Cash Account
Credit > Capital Account > Partner > Funds Contributed

When distributing profit-

Journal Entry
Debit > Retained Earnings
Credit > Capital Account > Partner > Share of Profit

When pay more or less of the profit as appeared in the Amount to Pay column-

Spend Money
Credit > Cash Account
Debit > Capital Account > Partner > Drawings

AM I CORRECT? OR MISSING SOMETHING?

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no problem so far in my point of view.

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How about fix salary and borrowings? from partnership to business?

No problem about salary.
It’s payroll function and I got it. If the partner is salaried, then he is also an employee.

Regarding borrowings, I think it’s better to use the DRAWINGS as stated above.

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