Why incomplete records occur?
Do not have time to keep proper records / Due to low volume of business they do
Statement of Affair is similar to
Statement of financial position
How to calculate profit
Closing capital – opening capital + drawings = Profit
Statement of Affair consists of
Assets, Liabilities and Capital
Statement of Affair prepares based on ............. entry system of bookkeeping
Single
State the items appeared on the credit side of the capital account
balance b/d / profit/ bank
