What is the meaning of Statement of Affairs?

Open in App

Solution

A statement of affairs is a statement which shows assets on one side and the liabilities on the other, just as in case of a balance sheet. It is prepared in single entry system to ascertain the amount of capital.

Suggest Corrections

Similar questions

What is a Statement of Affairs?

What is meant by a 'statement of affairs'? How can the profit or loss of a trade be ascertained with the help of a statement of affairs?

What do you understand by statement of affairs ?

Join BYJU'S Learning Program