Financial Statements and Ownership Structure Ownership structure dictates the types of accounts that are part of the equity section Proprietorship or Partnership Corporation Capital account Drawing account Share capital Share premium Dividends Retained Earnings Slide 3 23 LO 2 Explain double entry rules Financial Statements and Ownership Structure Statement of Financial Position Illustration 3 4 Equity Share Capital Investment by shareholders Retained Earnings Net income retained in business Dividends Net income or Net loss Revenues less expenses Income Statement Retained Earnings Statement Slide 3 24 LO 2 Explain double entry rules