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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 contain only ______ items.
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.
The closing balance of this account shows surplus/deficit ______.
How is Receipts & Payments Account different from Income & Expenditure Account?
It serves as the basis for preparing the Balance Sheet of a non-trading organisation.
It contains only revenue items.
All donations received by non-trading concerns are entered in the liabilities side of the balance sheet. Justify either for or against.
Mention any two features of the Income and Expenditure Account.
