Question: Question 3 (5 marks) (i) Different equity accounts are used depending on the type of organisational structure of the business. Illustrate and explain how the

Question 3 (5 marks)

(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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