Interested to Buy Any Domain ? << Click Here >> for more details...
let me know the difference between statement of affairs and
balance sheet
- 6 Answers
- 17517 Views
- JPMorgan Chase, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / bindu
Statement of affairs prepared by organisation which is in
bankruptcy, where assets are recorded at net realisable
value and liabilities are valued based on priority of
claims.
Balance sheet is a statement which contains assets,
liabilities and owners equity prepared in the ordinary
course of business. where assets and liabilites will be
valued/recorded based on respective Accounting Standards,
as Inventories are valued at stock or net realisable value
which ever is less (As per AS 2 Inventories)
| Is This Answer Correct ? | 28 Yes | 1 No |
Answer / aisha abdullahi
# 1
Statement of affairs prepared by organisation which is in
bankruptcy, where assets are recorded at net realisable
value and liabilities are valued based on priority of
claims.
Balance sheet is a statement which contains assets,
liabilities and owners equity prepared in the ordinary
course of business. where assets and liabilites will be
valued/recorded based on respective Accounting Standards,
as Inventories are valued at stock or net realisable value
which ever is less (As per AS 2 Inventories)
| Is This Answer Correct ? | 12 Yes | 3 No |
Answer / santhosh
We can prepare Balancesheet when we are having proper
records of books of accounts but we will prepare Statement
of affairs when we are not having proper records
| Is This Answer Correct ? | 7 Yes | 1 No |
Answer / muhammad jehanzeb
The Statement of Affairs shows only Receivables and
Payables and it does not contain tangible and intangible
assets.
| Is This Answer Correct ? | 5 Yes | 2 No |
Answer / pradnya
Balance sheet is of the specific date, whereas statement of
affairs can be prepared as and when transactions occured.
Balance sheet will give you summariseed data which you cant
get it from st. of affairs.
Balance Sheet is in the finalised form where as st. of
affairs is treated as the raw/ basic information.
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / salman sadham safarulla
statement of affairs is done by small shops.balanc sheet is
by international company......
| Is This Answer Correct ? | 2 Yes | 3 No |
While posting of FB50 entry therE showing errro msg " NOT ASSIGN COMPANY CODE OR CALCULATION PROCEDURE"
when calculating for np% do i include interest or do i take it off
what is income tax
what is the difference between direct income and indirect income?
13 Answers College School Exams Tests, IPO, Wipro,
how to prepare Profit and los accounts ?
8 Answers College School Exams Tests, MLA, Study Overseas,
entries of Bills in advance and bills in arrears?
what is meant by bills payable?
What is balance sheet? How you come to know after seeing balance sheet that economic condition is good or bad any organisation?
What Entries come under Bank OCC A/c. & Bank OD A/c. ?
8 Answers State Bank Of India SBI,
Expand----------STO
EXPAND___________NAA
From the following find out a. Profit Volume ratio b. Break even point c. Sales for 40% P/V Ratio d. Margin of safety from the sales Rs 3,00,000 e. Net profit from the sales of Rs 3,00,000 f. Required sales for the new profit of Rs 70,000 g. Required sales for the net profit of Rs 70,,000 after tax, the corporate income tax being 40% h. Additional sales required to convert an increase of Rs 3000 p.a. in the sales manager salary Sale 2,00,000 Variable Overheads 1,50,000 Profit 50000 Fixed overheads 15000 Net profit 35000 Sl No Heads of Account Debit Rs Credit Rs 1 Drawing and Capital 750 15,000 2 Stock as on 01.01.2009 69720 3 Bills Receivable and bills payable 1000 1180 4 Returns 300 320 5 Purchases and Sales 4500 8300 6 Wages 70 7 Discount 30 8 Salaries 200 9 Canara Bank Shares 3000 10 Insurance 120 11 Building 3000 12 Furniture 700 13 Debtors and Creditors 600 1300 14 Cash in Hand 470 15 Overdraft at bank 900
Audit 
