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Accounts from Incomplete Records — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountAccounts from Incomplete Records1 Mark
Question
Why is statement of affairs prepared under single entry system not called a balance sheet?
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Answer

  1. Because a statement of affairs is not prepared with the list of ledger balances kept on the basis of double entry system.
  2. Value of assets and liabilities shown in statement of affairs are only the estimates and not the actual values.

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