Question

(i) Receipts and Payments Account shows the receipts and payments of revenue nature only.
(ii) Receipt from the sale of an old asset is an income.
(iii) Receipts and payments Account in a summary of cash transactions.
(iv) Surplus of Non -Trading Organisation distributed among the member .
(v) Income and Expenditure Account is equivalent to the profit and loss Account of a business enterprise.
(vi) Proceeds from the sale of old newspapers are taken as income.
(vii) Receipts and Paymants Account shows total income and expenditure.
(viii) Only revenue nature items are shown in the income and Expenditure Account.
(ix) Scholarships granted to students provided by government is debited to Income and Expenditure Account.
(x) Payment of honorarium is a revenue expenditure.
(xi) Any expenditure relating to special fund is deducted from that special fund.
(xii) Loss on sale of fixed assert is debited to Income and Expenditure Account . Whereas gain (profit) on sale of fixed assert is credited to Income and Expenditure Account.

Answer 1

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Answer 2

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