A statement similar to a balance sheet.
Statement of Affairs
Explanation: A statement of affairs shows various assets and liabilities of a business on a particular date. It can be prepared with both opening and closing balances. A statement prepared with the opening assets and liabilities is known as Opening Statement of Affairs (to ascertain opening capital). Similarly, a statement prepared with the closing assets and liabilities is known as Closing Statement of Affairs (to ascertain closing capital). It is similar to Balance Sheet prepared under the double-entry system.
Concept: Admission of a Partner - Revaluation of Assets and Liabilities
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