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Sole trader v limited liability companies

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Sole trader v limited liability companies

  • This topic has 1 reply, 1 voice, and was last updated 12 years ago by Accountaholic.
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  • March 21, 2013 at 8:46 pm #120296
    Accountaholic
    Member
    • Topics: 98
    • Replies: 67
    • ☆☆

    Can someone please explain statement 4?

    This question is from ACCA pilot paper:

    11 Which of the following are differences between sole traders and limited liability companies?
    (1) A sole trader’s financial statements are private and never made available to third parties; a company’s financial
    statements are sent to shareholders and may be publicly filed
    (2) Only companies have share capital
    (3) A sole trader is fully and personally liable for any losses that the business might make
    (4) Only drawings would appear in a sole trader’s financial statements
    A 1 and 4 only
    B 2, 3 and 4
    C 2 and 3 only

    March 21, 2013 at 9:17 pm #120298
    Accountaholic
    Member
    • Topics: 98
    • Replies: 67
    • ☆☆

    Is the following statement true or false? Why?

    Discount received should be recorded on the debit side in the general ledger
    Thanks 🙂

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