Maharashtra State BoardHSC Commerce 12th Board Exam
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Write the Word / Term / Phrase Which Can Substitute the Following Statement. - Book Keeping and Accountancy

One Word Answer

Write the word / term / phrase which can substitute the following Statement.
A statement similar to Balance Sheet.

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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 double-entry system.

Concept: Preparation of Statements for Single Entry System
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