Question

13. Capital account balance of the sole proprietor alone as shown in the balance sheet of​

Answer 1

Answer:

In the case of a company, The Companies Act 1956 provides that balance sheet should be prepared as per schedule VI (which has been revised in 2011) given therein and assets and liabilities should be written in the sequence (or order) shown in the Schedule. However, in the case of sole proprietorship, and partnership, no rule is provided for recording assets and liabilities on the balance sheet.

Explanation:

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