diff btwn b.sheet and statement of affairs
This query is : Resolved
04 July 2008
Hi,friends could anybody tell me the difference between statement of affairs and balance sheet
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.
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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