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Capital Account and Current Account in Balance Sheet | Asia Bookkeeping

Capital Account and Current Account in Balance Sheet

1. The Balance Sheet for a partnership is equal to the Balance Sheet for a single proprietorship and the only different is Equity Owner’s share.

2. For a partnership firm, the balance of the Capital Account and Current Account shall be shown separately.

The Preparation of Trade Accounts and Loss of Accounts

1. The preparation of Trading Accounts and Profit and Loss Accounts for partnership is the same as the sole proprietorship.