The closing process for a partnership entity is much the same as any other entity except for the final step, the closing of net income to the capital account. It is important to go through the entire closing process, however, so that know all the steps. Many partnership example problems well ask us to close out net income or may ask us to close out the income summary account to the capital accounts. We need to remember that closing out net income or closing out the income summary account is part of the closing process. The for steps of the closing process are to close out revenue to the income summary account, close out expenses to the income summary account, close out the income summary account to the partner capital accounts, and close out draws to the partner capital accounts. We will use an even income allocation to close out the income summary account to the capital accounts. Form more accounting information see website. http://accountinginstruction.info/cou…