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Final Accounts of a Proprietary Concern — Book Keeping & Accountancy STD 11 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 11 Commerce / ArtsBook Keeping & AccountancyFinal Accounts of a Proprietary Concern1 Mark
Question
Why Balance Sheet is prepared?
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Answer

The balance sheet is prepared to ascertain the financial position of the business on a specific date usually at the end of the accounting year.

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