Statement of Affairs Format (Incomplete Records)

Blank format

Begin with a three-line heading: the business name, the title "Statement of Affairs as at...", and the date (start or end of period). Use the inner column to add up like items and the outer column for subtotals and the final total; indent each item under its section heading, and remember this statement has no debit/credit columns.

Parts of the format

Three-line heading

Lines for the business name, the statement title, and the "as at" date (not "for the year ended") because it shows the position at one point in time.

List of assets

Assets are arranged with non-current assets first, then current assets; the values are gathered from the scattered information in the incomplete records.

Deduct liabilities

Current liabilities are deducted to give working capital, and non-current liabilities are then deducted to give net assets.

Working capital

The difference between total current assets and current liabilities, shown in the outer column before being added to non-current assets.

Capital (balancing figure)

Capital equals net assets (Assets − Liabilities); this is the figure sought for use in the Comparison Method.

Filled example

Cahaya Murni Enterprise, owned by Puan Aminah, does not keep a full double-entry system. On 1 January 2025 the business had furniture and fittings RM20,000, inventory RM8,000, trade receivables RM5,000, bank balance RM3,000, cash RM500, trade payables RM4,000 and a bank loan RM6,000. Prepare a Statement of Affairs to compute the opening capital.

Common layout errors

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