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: Option B
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