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प्रश्न
Differentiate between statement of affairs and balance sheet.
उत्तर
| Basis of Distinction | Statement of Affairs | Balance Sheet |
| 1. Objective | Statement of affairs is generally prepared to find out the capital of the business. | Balance sheet is prepared to ascertain the financial position of the business. |
| 2. Accounting system | Statement of affairs is prepared when the double entry system is not strictly followed. | Balance sheet is prepared when accounts are maintained under the double entry system. |
| 3. Basis of preparation | It is not fully based on ledger balances. Wherever possible ledger balances are taken. Some items are taken from some source documents and some items are more estimates. | It is prepared exclusively on the basis of ledger balances. |
| 4. Reliability | It is not reliable as it is based on incomplete records. | It is reliable as it is prepared under a double entry system. |
| 5. Missing items | It is difficult to trace the items omitted as complete records are not maintained. | Since both aspects of all transactions are dully recorded, items omitted can be traced easily. |
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संबंधित प्रश्न
Which of the following items relating to bills payable is transferred to the total creditors account?
The amount of credit sales can be computed from _____________.
Opening balance of debtors: ₹ 30,000, cash received: ₹ 1,00,000, credit sales: ₹ 90,000; closing balance of debtors is ______________.
State the procedure for calculating profit or loss through the statement of affairs.
From the following particulars ascertain profit or loss.
| Particulars | ₹ |
| Capital as on 1st January 2018 | 2,20,000 |
| Capital as on 31st December 2018 | 1,80,000 |
| Additional capital introduced during the year | 40,000 |
| Drawings made during the year | 50,000 |
From the following details, calculate the missing figure.
| Particulars | ₹ |
| Closing capital as on 31.3.2018 | 80,000 |
| Additional capital introduced during the year | 30,000 |
| Drawings during the year | 15,000 |
| Opening capital on 01.4.2017 | ? |
| Loss for the year ending 31.3.2018 | 25,000 |
From the following details, calculate the missing figure:
| Particulars | ₹ |
| Capital as on 1st April, 2018 | 40,000 |
| Capital as on 31st March, 2019 | 50,000 |
| Additional capital introduced during the year | 7,000 |
| Profit for the year | 8,000 |
| Drawings during the year | ? |
Following are the balances in the books of Thomas as on 31st March 2019.
| Particulars | ₹ | Particulars | ₹ |
| Sundry creditors | 6,00,000 | Bills payable | 1,20,000 |
| Furniture | 80,000 | Cash in hand | 20,000 |
| Land and building | 3,00,000 | Bills receivable | 60,000 |
| Sundry Debtors | 3,20,000 | Stock | 2,20,000 |
Prepare a statement of affairs as on 31st March 2019 and calculate capital as at that date.
Ananth does not keep his books under double entry system. Find the profit or loss made by him for the year ending 31st March, 2019.
| Particulars | 31.3.2018 ₹ |
31.3.2019 ₹ |
| Cash at Bank | 5,000 (Dr.) | 60,000 (Cr.) |
| Cash in hand | 3,000 | 4,500 |
| Stock of goods | 35,000 | 45,000 |
| Sundry Debtors | 1,00,000 | 90,000 |
| Plant and Machinery | 80,000 | 80,000 |
| Land and Buildings | 1,40,000 | 1,40,000 |
| Sundry Creditors | 1,70,000 | 1,30,000 |
Ananth had withdrawn ₹ 60,000 for his personal use. He had introduced ₹ 17,000 as capital for the expansion of his business. Create a provision of 5% on debtors. Plant and machinery is to be depreciated at 10%.
Which of the following items relating to bills payable is transferred to the total creditors account?
