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Single Entry System — Book Keeping & Accountancy STD 11 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 11 Commerce / ArtsBook Keeping & AccountancySingle Entry System2 Marks
Question
Statement of Affairs and Balance Sheet are one and the same.
✓

Answer

This statement is False.
There is a difference between a statement of Affairs and the Balance sheet. Statement of Affair shows estimated values of assets and liabilities.

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