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Question
The capital at the end of the accounting year is ascertained by preparing _______.
The capital at the end of the accounting year is ascertained by preparing _______.
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Solution
The correct option is C Closing statement of affairs
Statement of Affairs is Based under Accounting Equation " Assets = Capital + Liabilities"
thus to ascertain the Closing Capital at the end of the year Closing Liabilities are deducted from closing assets.
Statement of Affairs is Based under Accounting Equation " Assets = Capital + Liabilities"
thus to ascertain the Closing Capital at the end of the year Closing Liabilities are deducted from closing assets.
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