Question

Why should a sole trader record all the financial information about her business?

Answer 1

Answer:

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Records a sole trader needs to keep

Records a sole trader needs to keepMaintaining proper records enables you to manage your business, but also provides an audit trail for tax purposes. By law you must keep records of all business income and expenditure, and should keep these records for 5 years from the latest date of sending back your tax return.

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Answer 2

Answer:

So that she can prepare her final accounts.

Explanation:

Recording financial information helps in sorting all the entries in their journal according to the accounting rules which will help evaluate financial position of the business at the end of the accounting tenure.