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