Similarities and differences of accounting for a sole proprietorship and partnership?

Both sole proprietorship and partnership follow the same basic accounting rules like recording income, expenses, assets, and liabilities. In both cases, profit is calculated using a profit and loss account. The main difference is ownership. A sole proprietorship has one owner, so all profit belongs to one person, like a small kirana store in India. A partnership has two or more owners, so profits are shared as per the partnership deed. Partnerships also maintain capital accounts for each partner.

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