Interested to Buy Any Domain ? << Click Here >> for more details...
let me know the difference between statement of affairs and
balance sheet
- 6 Answers
- 17540 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 |
why did rbi hiked repo and reverse ratio and how it will effect the market
Liabilities: 2006 2007 Assets 2006 2007 Trade Creditiors 100 40 Cash atBank 100 65 Bills Payable 50 60 Account/R 105 120 Outstanding Expenses 25 20 B/R 130 140 Bonds Payable 220 140 Inventory 110 40 Accumulated Depreciation: Machinery 120 160 -on Machinery 30 35 Building 300 310 -On Building 75 85 Land 60 130 Reserves 100 115 Patents 55 60 Retained Earning 130 170 share Capital 250 360 Profit from operation after providing Rs.10,000as depreciation on building and Rs.10,000 on machinery and Rs.5,000 as amortization on patents for the year 'April 06- March07' was Rs.35,000. Other revenues for the year were Rs.40,000. An old machine with original cost of Rs.15,000 was sold at a loss of rs.5,000. Prepare Fund Flow Statment and Cash Flow Statment for the year ending March 31 2007 based on the information given above.
What do you mean by Preliminary Expences
Discuss the role of cost accounting in managerial decision making?
what is the procedure for issuing th C form
What is deffered income
what is mean by bank reconciliation?
How do you value freehold property investment assets?
Expand H M D A
Mr X has invest Rs.150000/- from his saving bank a/c for fixed deposit after maturity he received with interest amt Rs.165000/- He requested bank to renewed the same excluding inst amt.Bank after deducting charges credit the insterest amt to Mr. X a/c..pass the Journal entry in the books of MR.X
what do you mean by financial analysis and technical analysis ?
wat is service tax
Audit 
