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प्रश्न
The closing balance of this account shows surplus/deficit ______.
विकल्प
Profit & Loss Account
Receipts & Payments Account
Balance Sheet
Income & Expenditure Account
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उत्तर
The closing balance of this account shows surplus/deficit income & Expenditure Account.
Explanation:
Non-profit clubs and societies utilise the Income & Expenditure account to track income and expenses. During a set length of time, usually a financial year. This account's ending balance shows whether there is a surplus (if income exceeds expenditure) or a deficit (if expenditure exceeds income) for the given time.
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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.
______ 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?
The closing balance of this Account shows surplus or deficit for the year.
It serves as the basis for preparing the Balance Sheet of a non-trading organisation.
It contains only revenue items.
Why and by whom is an Income and Expenditure Account prepared?
Give five differences between Profit and Loss Account and Income and Expenditure Account.
