JAMB - Accounts Principles Of Accounts (2016 - No. 30)

The trader's capital in a single entry system is ascertained by preparing
gross profit
statement of affairs
suspense account
appropriation account

Explanation

A Statement of Affairs is a document detailing a company's assets and liabilities. Generally prepared by a liquidator or appointed professional during certain insolvency proceedings, the document is later registered at Companies House, where it becomes available for public view.

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