Which of the following statements is correct in the context of single-entry system?

A

Credit sales during the year can be ascertained as the balancing figure in the total creditor account.

B

The objective of preparing a statement of affairs is to estimate the balance in the capital account on a particular date.

C

Credit purchase during the year can be ascertained by preparing the total debtors account.

D

Statement of affairs is reliable as it is prepared from double entry record.