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ACCOUNT

JAMB 2023 - Question 37

Account 2023 JAMB Past Questions - Question 37: Which of the following is prepared to ascertain the trader's capital under incomplete records?

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

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.