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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
______ depicts the Capital fund of the organization.
Give any two uses of Income and Expenditure Account.
It serves as the basis for preparing the Balance Sheet of a non-trading organisation.
It contains only revenue items.
Explain the term surplus in Income and Expenditure Account.
Why and by whom is an Income and Expenditure Account prepared?
State any one point of difference between Receipt and Payment account and Income and Expenditure Account.
All donations received by non-trading concerns are entered in the liabilities side of the balance sheet. Justify either for or against.
What is Income and Expenditure Account?
Distinguish between Receipt and Income.
