Which of the following are correct ways of recording partnership equity?
Method 1 Method 2
I Partner's Drawings account is closed off to: Patner's capital account Partner's retained earnings account
II Distribution of profit and loss: Patner's capital account Partner's retained earnings account
III Parner contribution of assets: Patner's capital account Partner's retained earnings account
IV Profit and loss summary account is closed off to: Profit distribution account Profit distribution account
a. I, II and IV
b. I and III
c. II and IV
d. I, II and III