The major distinguishing element between the final account of a partnership and that of a...
FINANCIAL
JAMB 2015
The major distinguishing element between the final account of a partnership and that of a sole trader is the
- A. drawing account
- B. capital account
- C. Creditor account
- D. Appropriation account
Correct Answer: B. capital 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
Post an Explanation Or Report an Error
If you see any wrong question or answer, please leave a comment below and we'll take a look. If you doubt why the selected answer is correct or need additional more details? Please drop a comment or Contact us directly. Your email address will not be published. Required fields are marked *