Question: 1. What are differences between the internal editor and external editor? 2. Explain the difference between 'bankruptcy' and 'liquidation'. 3. Describe sole trader entity, partnership

1. What are differences between the internal editor and external editor? 2. Explain the difference between 'bankruptcy' and 'liquidation'. 3. Describe sole trader entity, partnership entity, and Limited Liability Company. 4. What is meant by 'limited liability'? 5. What are the advantage and disadvantages of sole trader entity, partnership entity, and Limited Liability Company? 6. Define the following terms a. The capital account b. Creditors/payables c. Debtors/receivables d. Discounts allowed e. Discounts received f. Trade creditors/payables g. Trade debtors/receivable i. Trade discounts 7. Johnson Jack: a sole trader The following information relates to Joe Simple, who started a new business on 1 January 2020: 1.1.20 Johnson started the business with 5000 in cash. 3.1.20 5.1.20 7.1.20 9.1.20 He paid 3000 of the cash into a business bank account. Johnson bought a van for 2000 paying by cheque. He bought some goods, paying 1000 in cash. Johnson sold some of the goods, receiving 1500 in cash. You are required to Enter the above transactions into Johnson's ledger accounts

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