Question

21 Differentiate between statament of affairs and Iblance Sheek ​

Answer 1

Explanation:

Q) Differentiate between statament of affairs and Iblance Sheek

ANSWER::

Statement of Affairs is a statement showing assets, liabilities and capital of the entity prepared on the basis of a single entry system of bookkeeping. A Balance Sheet is a statement showing assets, liabilities and equity of the company prepared on the basis of the double entry system of bookkeeping.

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Answer 2

Answer:

A statement of affairs (SOFA) is a structured document which provides important information on the assets and liabilities a company has at a given moment in time and any other relevant information pertinent to its financial situation. A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure

Explanation:

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