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प्रश्न
The closing balance of this account shows surplus/deficit ______.
पर्याय
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
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.’
Explain any two features of Income and Expenditure account.
It is a summary of all incomes and expenses of the current accounting year. It is prepared to know the surplus or deficit during the accounting year.
It contains only revenue items.
Explain the term deficit in Income and Expenditure Account.
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?
Mention any two features of the Income and Expenditure Account.
Distinguish between Receipt and Income.
