How the closing capital calculated under Single Entry System? (Answer in one sentence)
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BY PREPARING THE ....
CLOSING STATEMENT OF AFFAIRS
CLOSING STATEMENT OF AFFAIRS
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Answer:
By statement of affairs
Explanation:
Statement of affairs is an important document for a company or a firm during the process of insolvency of the company. This document is prepared by a liquidator or an appointed professional.
Statement of affairs is also used to ascertain the capital balance. This document involves an overview of all the liabilities and assets of a company.
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