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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.
State any three points of difference between ‘Receipts and Payment Account’ and ‘Income and Expenditure Account’.
______ depicts the Capital fund of the organization.
How will Income and Expenditure account benefit a non-trading sports organisation?
This account is equivalent to the Profit and Loss Account of a business concern.
It contains only revenue items.
On the other hand, if the total of ______ side is greater than the total of ______ side, it is known as 'deficit' or 'excess of expenditure over income'.
Explain the term deficit in Income and Expenditure Account.
Give five differences between Profit and Loss Account and Income and Expenditure Account.
Distinguish between Receipt and Income.
