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Which of the following is prepared to ascertain the trader's capital under incomplete records?

Accounts - Principles of Accounts
JAMB 2023

Which of the following is prepared to ascertain the trader's capital under incomplete records?

  • A. statement of affairs
  • B. statement of capital and liabilites
  • C. statement of complete records
  • D. income statement
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Correct Answer: Option A
Explanation

The statement of affairs is prepared to ascertain both the opening and closing capital of the business. The statement of affairs is smiliar to the balance sheet.

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