Which of the following is prepared to ascertain the trader's capital under incomplete records?...
FINANCIAL
JAMB 2023
Which of the following is prepared to ascertain the trader's capital under incomplete records?
- A. statement of affairs
- B. statement of capital and liabilites
- C. statement of complete records
- D. income statement
Correct Answer: A. statement of affairs
Explanation
The statement of affairs is prepared to ascertain both the opening and closing capital of the business. The statement of affairs is smiliar to the balance sheet.
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