Q 15 Differentiate between Balance Sheet and Statement of affairs - Accountancy - Accounts from Incomplete Records

Question

Q 15 Differentiate between Balance Sheet and Statement of affairs

Nitin Verma · Accepted Answer

Dear Student,
Difference between Balance Sheet And Statement of Affairs:

Balance Sheet
Statement of Affairs

It is prepared under Double Entry System
It is prepared under Single Entry System

Trial Balance is prepared before the preparation of Balance
Sheet
Trial Balance is not prepared before the preparation of
Statement of Affairs

It is prepared to know the financial position of business
It is prepared to know the amount of capitals at a point of
time

Regards

Balance Sheet	Statement of Affairs
It is prepared under Double Entry System.	It is prepared under Single Entry System.
Trial Balance is prepared before the preparation of Balance Sheet.	Trial Balance is not prepared before the preparation of Statement of Affairs
It is prepared to know the financial position of business.	It is prepared to know the amount of capitals at a point of time.

Q.15. Differentiate between Balance Sheet and Statement of affairs.