The receipts and Payments account records receipts and payment of
A) Revenue nature only
B) Capital nature only
C) Revenue as well as capital nature
D) None of the above
Correct Answer:
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Q44: Non-trading concern prepare
A)Receipts and Payments A/c
B)Balance Sheet
C)Income
Q45: Receipts and Payments Account of non-trading concerns
Q46: Income and Expenditure Account is prepared in
Q47: General donations of relatively large amount is
Q48: The Income and expenditure account begins with
A)Debit
Q50: A profit on the sale of furniture
Q51: Entrance fees are generally
A)Capitalised
B)Taken as income
C)Treated as
Q52: Legacy for specific purpose is :
A)Added to
Q53: Subscription received in advance is
A)An income
B)An asset
C)Liability
D)None
Q54: Income and expenditure account reveals
A)Cash in hand
B)Surplus
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