Opening capital is ascertained by preparing _________.

Total debtors account

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Total capital account

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Cash account

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Opening statement of affairs

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Solution

The correct option is B Opening statement of affairs
Statement of Affairs is Based under Accounting Equation " Assets = Capital + Liabilities"
Thus to ascertain the Opening Capital at the end of the year opening Liabilities are deducted from opening assets.

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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

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.

The opening capital is ascertained by preparing:

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