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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
State any three points of difference between ‘Receipts and Payment Account’ and ‘Income and Expenditure Account’.
______ depicts the Capital fund of the organization.
Give any two uses of Income and Expenditure Account.
Explain any two features of Income and Expenditure account.
______ account is prepared to ascertain surplus or deficit at the end of an accounting year.
How is Receipts & Payments Account different from Income & Expenditure Account?
It is a summary of all incomes and expenses of the current accounting year. It is prepared to know the surplus or deficit during the accounting year.
This account is equivalent to the Profit and Loss Account of a business concern.
Explain the term surplus in Income and Expenditure Account.
Explain the term deficit in Income and Expenditure Account.
