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let me know the difference between statement of affairs and
balance sheet
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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 |
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Audit 
