1 thought on “Closing balance of bills payable can be ascertained by preparing”
Answer:
(a) Ascertaining Closing Capital from Incomplete Records: The closing capital can be ascertained by preparing the statement of affairs at the end of the accounting period. For this the statements of the assets and liabilities are prepared at the end of the accounting period. This statement resembles the balance sheet.
Answer:
(a) Ascertaining Closing Capital from Incomplete Records: The closing capital can be ascertained by preparing the statement of affairs at the end of the accounting period. For this the statements of the assets and liabilities are prepared at the end of the accounting period. This statement resembles the balance sheet.