Practice - Prepare a Statement of Affairs at the Start and End of the Period
Practice Questions
Test your understanding with targeted questions
What is a Statement of Affairs?
💡 Hint: Think of it as a snapshot of business finances.
What do we subtract to find net profit?
💡 Hint: Consider the timeline - where did we start and where are we now?
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is included in a Statement of Affairs?
💡 Hint: It's a financial overview, think of what you would check.
True or False: The Statement of Affairs can only be prepared with complete records.
💡 Hint: Consider what it helps achieve.
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Challenge Problems
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A retailer starts with ₹1,00,000 in capital. Over the accounting period, the closing capital is ₹1,20,000, with ₹5,000 in additional investments and ₹3,000 in withdrawals. Calculate the profit.
💡 Hint: Break the calculation into steps!
After preparing their Statement of Affairs, a café finds their opening capital is ₹10,00,000 and closing capital is ₹12,00,000. They also had ₹1,00,000 in withdrawals. What is their profit?
💡 Hint: Remember to adjust correctly for withdrawals.
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