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Unit 17 Incomplete Record
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State the items appeared on the credit side of the capital account
balance b/d / profit/ bank
Statement of Affair prepares based on ............. entry system of bookkeeping
Single
Statement of Affair consists of
Assets, Liabilities and Capital
How to calculate profit
Closing capital – opening capital + drawings = Profit
Statement of Affair is similar to
Statement of financial position
Why incomplete records occur?
Do not have time to keep proper records / Due to low volume of business they do
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