Question: (i) Different equity accounts are used depending on the type of organisational structure of the business. Illustrate and explain how the equity accounts differ for

(i) Different equity accounts are used depending on the type of organisational structure of the business. Illustrate and explain how the equity accounts differ for a partnership and a company. (3 marks)

(ii) Explain why temporary accounts need to be closed during the closing process. (2 marks)

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