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Receipts and Payments Account generally ...

Receipts and Payments Account generally shows :

A

A Debit balance

B

A Credit Balance

C

Surplus or Deficit

D

Capital Fund

Text Solution

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The correct Answer is:
A
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Distinguish between Income and Expenditure Account and Receipts and Payments Account on the basis of nature of items recorded therein.

Distinguish between Income and Expenditure Account and Receipts and Payments Account on the basis of its nature.

Knowledge Check

  • Receipts and Payments Account is a

    A
    Nominal Account
    B
    Real Account
    C
    Personal Account
    D
    None of these

  • Receipts and Payments Account is a

    A
    Real Account
    B
    Nominal Account
    C
    Personal Account
    D
    None of these

  • Receipts and Payments Account is a

    A
    Real Account.
    B
    Nominal Account.
    C
    Personal Account
    D
    None of These.

    • Similar Questions

    Explore conceptually related problems

    (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.

    State whether the following statements are True or False (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 is a summary of cash transactions (iv) Surplus of Non-Trading Organisation is destributed among the members (v) Income and Expenditure Account is equivalent to the Profit and Loss Account of a business enterprise. (vi) Proceeds from the sale of old newspaper are taken as income. (vii) Receipts and Payments 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 the special fund. (xii) Loss on sale of fixed asset is debited to income and Expenditure Account. Whereas gain (profit) on sale of fixed asset is credited to Income and Expenditure Account

    Receipts and Payments Account is a :

    Receipts and Payments Account is prepared on

    Receipts and Payments Account is prepared on

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