How can opening capital be determined from incomplete records?

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Solution

Opening capital can be determined by preparing the statement of affairs at the beginning of the accounting period.

This can be done by preparing the statement of assets and liabilities at the starting of the accounting period.

Also read:

Accounts From Incomplete Records

Marshalling of Assets and Liabilities

Difference Between Trial Balance and Balance Sheet

What Is the Balance Sheet Equation

Balance Sheet Vs Consolidated Balance Sheet

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Similar questions

Explain how the following may be ascertained from incomplete records:

(a) Opening capital and closing capital

(b) Credit sales and credit purchases

(d) Closing balance of cash.

State the meaning of incomplete records?

Explain how the following may be ascertained from incomplete records

(a) Opening capital and closing capital

(b) Credit sales and credit purchases

(d) Closing balance of cash

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