JAMB - Accounts Principles Of Accounts (2015 - No. 8)

The major distinguishing element between the final account of a partnership and that of a sole trader is the

drawing account

capital account

Creditor account

Appropriation account

Explanation

The Major Difference Of The Financial Statement between a Sole Proprietorship And Partnership is More than one capital account. The number of capital accounts depends on the number of partners in the Partnership concern. Profit & loss is distributed to the partners' capital account according to the agreed ratio

JAMB - Accounts Principles Of Accounts (2015 - No. 8)

Explanation

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