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Which two items would you expect to see included within the financial statements of a sole trader?
A Issued Share Capital
B Revaluation Surplus
C Personal Drawings
D Capital AccountBook Answer : C and D
Respected Sir,
C and D is in FS of Sole trader is OK
but even revaluation surplus can be in FS of Sole Trader if sole trader revalue the assets of the business.But you would not expect to see it for two reasons. Firstly sole traders are unlikely to revalue assets. Secondly, sole traders are not required to show capital reserves separately (because they are not a limited company) and therefore would simply add it on to their capital.
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