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diff btwn b.sheet and statement of affairs

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(Querist)
04 July 2008 Hi,friends could anybody tell me the difference between statement of affairs and balance sheet
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
04 July 2008 Balance sheet of an entity is nothing but its statement of affairs with assets and liabilities tallied to the paisa, thereby indicating its exact networth.
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CA Rajesh S

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CA Rajesh S (Expert)
04 July 2008 not much, but generaly word balance sheet is used in the case of business. Statement of affairs is used in case a person is not carrying on any business, its is same thing as B/S which lists out the asstes and liabilities of a person
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