There are three forms of business organization: proprietorship, partnership, and corporation. Accounting for the revenues, expenses, assets, and liabilities is the same for all three forms of business organization; however, these three forms differ in accounting for owners' equity. Thus far in this book, we have been referring to a sole proprietorship when our discussions involved owner's equity. Accounting for owners' equity of a corporation will be discussed in Chapters 13 and 14. In this chapter, we will examine accounting for owners' equity in a partnership. The procedures are the same ones that are used in accounting for a proprietorship—with the exception that separate capital and drawing accounts must be maintained for each partner.