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प्रश्न
Justify either for or against by giving a reason for the following statement. ‘Income and Expenditure account shows the opening and closing balances of cash in hand and cash at bank.’
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उत्तर
No, the opening and closing balances of cash in hand and cash at the bank are not shown in the Income and Expenditure account. Its final balance reflects the year's surplus or deficit. The opening and closing balances are shown in the Receipts and Payments Account.
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संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
Income and expenditure contain only ______ items.
______ depicts the Capital fund of the organization.
Give any two uses of Income and Expenditure Account.
The closing balance of this account shows surplus/deficit ______.
Explain any two features of Income and Expenditure account.
______ account is prepared to ascertain surplus or deficit at the end of an accounting year.
Why and by whom is an Income and Expenditure Account prepared?
What is Income and Expenditure Account?
Give five differences between Profit and Loss Account and Income and Expenditure Account.
