scenario:You overheard two students discussing after a class on the difference between the financial statements of limited liability companies and sole traders. Below is what each student said:

Student 1: When it comes to recording accounting transactions for both sole traders and companies, the principles are the same. They only differ for the preparation of financial statements. Student 2: I think if we are asked to prepare the profit and loss account and balance sheet for a large UK-based public limited company with international operations, transacting in different currencies and having frequent revaluation of fixed asset, the balance sheet can be prepared immediately after preparing a profit and loss account.

Qustion: Compare the essential features of the financial statements for both sole traders and public limited companies, considering a public limited company as described by student 2 above.