Transcription of SOLE TRADER FINAL ACCOUNTS - …
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SOLE TRADER FINAL ACCOUNTS - …
Learning objectivesWhen you have studied this chapter you will be able to: understand the format of FINAL ACCOUNTS for sole traders prepare FINAL ACCOUNTS for sole TRADER businesses from the book-keeper's trial balance understand the link between double-entry book-keeping and FINAL ACCOUNTS distinguish between capital expenditure and revenue expenditureCASE STUDYS tarting out in businessOlivia Boulton used to work as a buyer of kitchen and cookware goods for a large departmentstore in central London. She was good at her job and knew the type of goods that sold years ago, Olivia took the decision to set up in business on her own, selling a range ofkitchen and cookware goods designed and manufactured in Italy.
SOLE TRADERS Sole traders are people who are in business on their own: they run shops, factories, farms, garages, local franchises, etc. The businesses are generally
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