In which method statement of affairs is prepared? (Answer in one sentence)
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SINGLE ENTRY METHOD...
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Answer:
In Single Entry Method
Explanation:
Statement of affairs is prepared by the method of single entry for preparing the opening and closing account.
Statement of affairs is an important document in the process of insolvency of a company or a firm. This statement is an overview of all the assets and liabilities of a company and is prepared either by a liquidator or by an appointed professional.
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