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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.
संबंधित प्रश्न
Income and expenditure contain only ______ items.
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.’
State any three points of difference between ‘Receipts and Payment Account’ and ‘Income and Expenditure Account’.
Give any two uses of Income and Expenditure Account.
Explain any two features of Income and Expenditure account.
It serves as the basis for preparing the Balance Sheet of a non-trading organisation.
Explain the term surplus in Income and Expenditure Account.
Mention any two features of the Income and Expenditure Account.
Give five differences between Profit and Loss Account and Income and Expenditure Account.
Distinguish between Receipt and Income.
