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State True or False with reasons:Statement of Affairs and Balance Sheet are one and the same. - Book Keeping and Accountancy

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MCQ
True or False

State True or False with reasons:
Statement of Affairs and Balance Sheet are one and the same.

Options

  • True

  • False

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Solution

This statement is True.
A statement of affairs is a statement of assets and liabilities. In a statement of affairs, right hand side is used for recording assets and left side is used for recording liabilities. Therefore, we can say that statement of affairs and balance sheet are one and the same.
Concept: Preparation of Opening and Closing Statement of Affairs
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APPEARS IN

Balbharati Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board
Chapter 10 Single Entry System
Exercises | Q 4. 3) | Page 356
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