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