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[Solutions Manual]
Both have a statement of profit and loss and a statement of financial position.
However, partnerships have an additional account, the ‘appropriation account’
which is typically disclosed after the statement of profit and loss account. In
this account, the profit or loss for the period is apportioned between the
partners. This disclosure is unique to partnerships.
profits) and a capital account (which deals with the permanent investment of
capital by each partner in the business). In addition to this these two accounts
are separately analysed for each partner.
Presentation within the two main statements (the statement of profit and loss
and the statement of financial position) in sole traders provides more detail to
that provided in limited companies. In addition the format is less standardized,
this is particularly notable in the statement of profit and loss.
In a sole trader’s accounts the owner’s equity is the capital account and full
detail of this (opening balance, movement and closing balance) is given in the
statement of financial position, in a limited company the owners’ equity is
typically share capital and revenue reserves (built up profits from earlier
years). Details of movements in these accounts are provided in the notes to
the financial statements. Each shareholder is an owner in a limited company.
There are several other items that could be discussed such as sources of
debt and how this is disclosed, detail on returns and their disclosure, other
income (types and disclosure) etc. The above solution is not comprehensive.
VERY-DAY LIFE IN CHINA, or, Scenes along River and Road in the
Celestial Empire. By Edwin J. Dukes. Illustrations from the author’s
sketches. 12mo., with embellished cover, $2.00.
That China is a mysterious problem to all who interest themselves in its affairs is
the only excuse for offering another book on the subject.
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