The journal entry to close the drawing or withdrawal account of a sole proprietorship includes a debit to the owner's capital account and a credit to the drawing account. To illustrate the closing entry, let's assume that at the end of the accounting year the account Eve Jones, Drawing has a debit balance of $24,000.

To close a partnership, you would typically follow these steps:

1. Review the partnership agreement: Carefully go through the partnership agreement that was initially signed by all partners. This document usually outlines the process for dissolution and closing the partnership.

2. Communicate with partners: Initiate a discussion with all partners to inform them of your intention to close the partnership. Schedule a meeting or conference call to discuss the process, and ensure that all partners are on the same page.

3. Determine the timeline: Decide on a timeline for closing the partnership. This could involve setting a specific date for dissolution or a deadline for completing all necessary tasks.

4. Settle outstanding obligations: Assess the financial situation of the partnership and determine how any outstanding obligations, such as debts or loans, will be settled. This may involve selling assets, paying off debts, or distributing funds among partners based on their agreed-upon share.

5. Notify stakeholders: Inform relevant stakeholders, such as clients, suppliers, and employees, about the closure of the partnership. Provide details regarding the transition plan, including how services or products will be handled going forward.

6. Complete legal requirements: File the necessary paperwork with the appropriate government authorities to officially dissolve the partnership. This may include filing a dissolution form or canceling the partnership registration.

7. Distribute remaining assets: Once all financial obligations are settled, distribute any remaining assets among the partners according to the agreed-upon terms in the partnership agreement.

8. Terminate business operations: Cease all business operations, close bank accounts, cancel licenses and permits, and take care of any other administrative tasks associated with winding down the partnership.

9. Document the closure: Keep thorough records of all actions taken during the closure process, including any agreements made, financial transactions, and legal filings. This documentation will be essential for future reference or potential audits.

10. Notify authorities and tax obligations: Inform relevant governmental agencies, such as tax authorities, about the closure of the partnership. Ensure that all required tax filings and payments are completed before finalizing the closure.

It is advisable to consult with an attorney or professional advisor familiar with partnerships and business closures to ensure compliance with legal requirements and to navigate any complex issues that may arise during the process.

Coz drawings is income to firm n exp to owner