Maharashtra State BoardHSC Commerce 12th Board Exam
Advertisement Remove all ads

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.

Advertisement Remove all ads

Solution

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
  Is there an error in this question or solution?
Advertisement Remove all ads

APPEARS IN

Advertisement Remove all ads
Advertisement Remove all ads
Share
Notifications

View all notifications


      Forgot password?
View in app×