Opening capital is ascertained by preparing _____________-.

Total debtor's account

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Total creditor's account

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Cash account

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Opening statement of affairs

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Solution

The correct option is A Opening statement of affairs
We prepare the Statement of Affairs at the beginning of the year to ascertain the opening capital and at the end of the year to ascertain the closing capital. However, the items of assets and liabilities are ascertained from vouchers, physical count and other relevant documents.

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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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