SELECT * FROM question_mgmt as q WHERE id=4916 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=2 AND subId=11 AND chapterId=206 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 11th accountancy Accounts from Incomplete Records distinguish between statement of affairs and balan

Question:

Distinguish between statement of affairs and balance sheet.

Answer:

Basic of Difference Balance Sheet Statement of Affairs
 1. Double Entry It is prepared with the list of ledger balances drawn from the books of accounts kept on the basis of double entry. It is not prepared with the list of ledger balances but with such information as is available from the accounting records kept on the basis of single entry.
 2. Arithmetical Accuracy The tallying of balance sheet proves arithmetical accuracy of accounting books because it is prepared on the basis of a trial balance. A statement of Affairs does not prove the arithmetical accuracy of accounting books because it is not prepared on the basis of a trial balance.
 3. Value of Assets and Liabilities The values of assets and liabilities shown in a Balance Sheet are the actual values based on ledger accounts. The values of assets and liabilities shown in the statement of Affairs are merely the estimates based on physical inspection.
 4. Object It is prepared for ascertaining the financial position of a business. It is prepared for ascertaining the capital of a business.
 5. Omission of an Asset or a Liability If an asset or liability is omitted while preparing a Balance Sheet, it will be easily detected because the Balance Sheet will not tally. If an asset or liability is omitted while preparing a statement of affairs, it cannot be easily detected.
 6. Reliability A Balance Sheet is treated as more reliable because it is based on double entry principles. It is treated as less reliable because it is based on incomplete records and estimates.

 


SELECT ex_no,question,question_no,id,chapter FROM question_mgmt as q WHERE courseId='2' AND subId='11' AND ex_no!=0 AND status=1 and id!=4916 ORDER BY views desc, last_viewed_on desc limit 0,10
SELECT ex_no,question,question_no,id,chapter FROM question_mgmt as q WHERE courseId='2' AND subId='11' AND ex_no!=0 AND status=1 and id!=4916 ORDER BY last_viewed_on desc limit 0,10

Comments

  • Answered by Ekta Mehta
  • 4 months ago

Taking Screenshots on your Samsung Galaxy M31s is very easy and quick.


  • Answered by Ekta Mehta
  • 4 months ago

Taking Screenshots on your Samsung Galaxy M31s is very easy and quick.


  • Answered by Ekta Mehta
  • 4 months ago

Taking Screenshots on your Samsung Galaxy M31s is very easy and quick.


Comment(s) on this Question