Maharashtra State BoardHSC Arts 12th Board Exam
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Answer in One Sentence Only. - Book Keeping and Accountancy

One Line Answer

Answer in one sentence only.
What is statement of affairs?

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Solution

A statement of affairs is basically a statement of capital, showing assets and liabilities as on the date of its preparation. There are two such statements, i.e. Opening Statement of Affairs (to ascertain the opening capital) and Closing Statement of Affairs (to ascertain the closing capital).

Concept: Preparation of Statements for Single Entry System
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