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Personal. Financial. Affairs. Statement. Instruction Manual. March 2012 ...... For example, the filer may become aware of the names of the reportable business .
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A statement of affairs template is a legal document listing the assets and liabilities of a company or individual, typically produced when declaring bankruptcy. It is an archive that holds the details for a company’s list of assets and debts. A statement of affairs is helpful in certain business situations, such as one such situation includes the calculation of a company’s total cost, thus making the insolvency process much easier. Banks often ask for the statement of affairs while resolving the assets. This document provides useful information to resolve certain legislative issues and can be presented in court. Financial department in any company with the help of financial experts, are liable to generate the statement of affairs.
Importance of Statement of Affairs
Generally, the statement of affairs is a summary of a company’s assets and liabilities. It states the net book value and amount expected to be realized at the date of Insolvency of the business. Accompanying the balance sheet is a list of creditors and shareholders. A statement of affairs can be made in a number of different formats; a few basic sections must be included in whatever layout you choose for this piece of document. The person generating the statement of affairs format can include another column stating what he/she thinks of the probable cost of an asset or the property.
Benefits of Statement of Affairs
There are numerous benefits of a statement of affairs for companies as it has a clear record of their assets and liabilities. It is mainly used to calculate profits and loss for the company as it is the simplest way to find it. This contains all the present and new details of assets and liabilities used in a specific duration which helps company to bring out the clear and accurate outcome. It gives shareholders a clear image of the company’s affairs. It highlights the dues of the company and lists its shareholders with accurate information. This document is used to give an in depth view of the business partners and clients.
Details of Statement of Affairs Template
The statement of affairs may also include a brief statement introducing the company or the project for which the report is being generated. In the end, the statement of affairs is approved by the executive person; therefore a space for the signatures of the person in authority along with the person who generated the report is provided. It incorporates the book value of all of the company’s assets, which can be presented in the form of a list or a paragraph using bullets or numbers.
Templates for Statement of Affairs
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Statement of Affairs
Written by True Tamplin, BSc, CEPF® | Reviewed by Editorial Team
Updated on February 24, 2023
Why Trust Finance Strategists?
Table of Contents
Statement of affairs: definition.
Similar to a balance sheet , a statement of affairs is a statement of assets and liabilities that is prepared to find out capital under the single entry system .
When calculating profit or loss using this method, it is worth considering both fresh capital (or additional capital) and drawings .
Fresh Capital or Additional Capital
If fresh or additional capital is introduced during the period, it will make the closing capital incorrect. To calculate the true amount of profit or loss, deduct the fresh capital from the closing capital.
If an owner withdraws an amount for personal use during the period, the drawing will reduce the amount of closing capital. Therefore, it is necessary to add the amount drawn to the closing capital to reflect the true profit, as shown here:
Net Profit = Closing Capital + Drawings - Opening Capital - Fresh Capital
Differences Between Statement of Affairs and Balance Sheet
John & Co. keeps their books using the single-entry system. The position of the firm on 1 January 2019 was as follows:
- Stock in trade = $18,000
- Debtors = $15,000
- Furniture and fixtures = $17,500
- Cash at bank = $12,500
- Sundry creditors = $13,500
- Outstanding salaries = $2,200
The position of the firm on 31 December 2019 was as follows:
- Stock in trade = $24,000
- Debtors = $19,500
- Furniture and fixtures = $15,000
- Plant = $10,000
- Sundry creditors = $12,000
- Bank overdraft = $8,000
During the year, one of the owners withdrew $3,500 for personal expenses. In this case, charge interest on capital @ 5% p.a.
Required: Prepare Statement showing the company's profit or loss for the year ended 31 December 2019.
Statement of Affairs FAQs
What is the statement of affairs.
The statement of affairs is a financial statement that summarizes a company's assets, liabilities and owner's equity under the single entry system.
What is the difference between a statement of affairs and a balance sheet?
A statement of affairs is prepared under the single entry system, while a balance sheet is prepared under the double entry system.
How is the assets, liabilities and owner's equity are summarized under the single entry system?
A statement of affairs summarizes its assets, liabilities and owner's equity by making use of only one account.
What is a fresh capital?
Fresh capital refers to additional capital that is introduced during the period.
Why do we prepare a statement of affairs?
A statement of affairs is used to find out the capital under the single entry system. It's similar to a balance sheet and helps us determine profit or loss for a period of time.
About the Author
True Tamplin, BSc, CEPF®
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide , a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute , as well as university students like his Alma mater, Biola University , where he received a bachelor of science in business and data analytics.
To learn more about True, visit his personal website , view his author profile on Amazon , or check out his speaker profile on the CFA Institute website .
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Personal statement of affairs template 1 2 Form 11102 CAY (06/2011) PERSONAL LOAN APPLICATION OR STATEMENT OF AFFAIRS This application is the property of RBC Royal Bank (Cayman) Limited Page 1 of 2 BRANCH: ACCT. OFFICER CODE: NEG FEES: DATE (YYYY/MM/DD): AMT OF LOAN REQ.: PURPOSE OF LOAN: VISA ACCT NO.: CUSTOMER MASTER NO.:
Find the Personal Statement Of Affairs Template you require. Open it using the cloud-based editor and start adjusting. Fill in the empty areas; concerned parties names, addresses and phone numbers etc. Change the blanks with smart fillable areas. Add the day/time and place your e-signature. Simply click Done following twice-checking all the data.
Generally, the statement of affairs is a summary of a company’s assets and liabilities. It states the net book value and amount expected to be realized at the date of Insolvency of the business. Accompanying the balance sheet is a list of creditors and shareholders.
RBC Personal Statement of Affairs: Free Template courtesy of myZone.com - Google Sheets RBC Personal Statement of Affairs: Free Template courtesy of myZone.com Trying to connect… Share The...
Statement of Affairs: Definition Similar to a balance sheet, a statement of affairs is a statement of assets and liabilities that is prepared to find out capital under the single entry system. When calculating profit or loss using this method, it is worth considering both fresh capital (or additional capital) and drawings.
personal statement of affairs personal information name (please print) date of birth (yyyy/mm/dd) age martial status no. of dependents national insurance no./national i.d.: driver’s license no.: expiry date (yyyy/mm/dd): passport no.: expiry date (yyyy/mm/dd): home address – number, street, city postal box since (year) telephone numbers