Question

1. Receipt and Payment Account is a summary of all capital receipts and payments.
2. If the sports fund is maintained, sports expenses will be shown on the debit side of Income and Expenditure Account.
3. The balancing figure on credit side of Income and Expenditure Account denotes excess of expenses over incomes.
4. Scholarship granted to students out of funds provided by Government will be debited to Income and Expenditure Account.
5. Donations for specific purpose are always capitalised.
6. Opening Balance Sheet is prepared when the Opening Balance of capital fund is not given.
7. Surplus of Income and Expenditure Account is added to Capital Fund.
8. Income and Expenditure Account is equivalent to Profit and Loss Account of a trading concern.
9. Receipt and payment Account does not differentiate between capital and revenue receipts.
10. Capital and Revenue items are recorded in Receipt and Payment Account.
Pls guys correct answers true or false​

Answer 1

Answer:

False. Receipts and payment account records the receipts and payments of all nature. Receipts and payments account records all the cash transactions of the business. It is basically a summary of cash transactions all incomes are recorded on the credit side and expenses are shown on the debit side.

False. If there appears a sports fund, the expenses incurred on sports activities will be deducted from the sports fund. If there appears any fund respective incomes/expenses will added/deducted from the respective fund.

Answer 2

1. Not-For-Profit organisations are formed for: of these

1. Not-For-Profit organisations are formed for: of these 2. Most of Not-For-Profit organisation transactions are :

1. Not-For-Profit organisations are formed for: of these 2. Most of Not-For-Profit organisation transactions are : 3.