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let me know the difference between statement of affairs and
balance sheet
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Answer Posted / 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)
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