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21 Differentiate between statament of affairs and Iblance Sheek ​

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Explanation:

Q) Differentiate between STATAMENT of affairs and Iblance Sheek

ANSWER::

Statement of Affairs is a statement SHOWING assets, liabilities and capital of the ENTITY prepared on the basis of a single entry system of bookkeeping. A Balance SHEET is a statement showing assets, liabilities and equity of the COMPANY prepared on the basis of the double entry system of bookkeeping.

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