Which of the following statements is correct in the context of the single-entry system?
1
Credit purchase during the year can be ascertained by preparing the total debtors account.
2
The objective of preparing a statement of affairs is to estimate the balance in the capital account on a particular date.
3
Statement of affairs is reliable as it is prepared from double entry record.
4
Credit sales during the year can be ascertained as the balancing figure in the total creditor account.