Question

A Visit to cloth merchant who is maintaining his books of accounts under single entry system. preparation of statement of affairs & statement of profit or Loss from the data collected​

Answer 1

Answer:

Although a Statement of Affairs shows a collection of assets and liabilities, it cannot be called a Balance Sheet. This is because the values of such assets and liabilities are not taken from ledger accounts but are estimates made by the owner of the business.

Explanation:

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