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