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Credit side balance in Income & Expendit...

Credit side balance in Income & Expenditure Account reveals :

A

(a) Excess of cash receipts over payments

B

(b) Excess of cash payments over receipts

C

(c) Excess of expenditure over income

D

(d) Excess of income over expenditure

Text Solution

Verified by Experts

The correct Answer is:
D
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Income And Expenditure Account

Fill in the blanks with appropriate words: (i) Receipts and Payments Account is___________ of the year's_____. (ii) In the Receipts and Payments Account receipts are shown on the _______ side. (iii) Credit balance in the Income and Expenditure Account means excess of _____ over _____ (iv) Income and Expenditure Account shows all_________ receipts and ____ Payments for an accounting year (v) Subscriptions received in advance by a club are shown on the_________ side of the Balance Sheet. (vi) Life Membership Fees received by a club are shown on the _____. (vii) Excess of expenditure over income is_________ Capital Fund in the Balance Sheet. (viii) Income and Expenditure Account is prepared by_______ concerns. (ix) Match fund of Rs 1,000 appears in the books. Match expenses for a year amount to Rs 1,200. _______ will be debited to the Income and Expenditure Account (x) If expenditure is Rs 16,000 and surplus credited to Capital Fund Rs 4,500, income is_________

Knowledge Check

  • Income and Expenditure Account reveals :

    A
    Surplus or Deficiency
    B
    Cash in Hand
    C
    Net profit
    D
    Capital Account

  • Income and Expenditure Account is a

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

  • Income and Expenditure Account is a

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

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    What is Income and Expenditure Account?

    (i) Receipts and payments Account is _________ of the year 's _________. (ii) In the Receipts and Payment Account, receipts are shown on the _________ side. (iii) Credit balance in the income and Expenditure Account means excess of __________over _____________. (iv) Income and Expenditure Account shown all ________ receipts and _________ payments for an acccounting year. (v) Subscriptions received in advance by a club are shown on the ____________ side of the Balance Sheet. (vi) Life Membership Fess received by a club is shown in the _________. (vii) Excess of expenditure over income is ___________ Capital Fund in the Balance Sheet. (viii) Income and Expenditure Account is prepared by _________ concerns. (ix) Match Fund of Rs. 1,000 appears in the books . Match expenses for a year amount to Rs. 1,200. ______________ will be debited to the Income and Expenditure Account. (x) If expenditure is Rs. 16,000 and surplus credited to Capital Fund Rs. 4,500, income , is _____________.

    Income and Expenditure Account is a :

    Income and expenditure Account shows

    Income and Expenditure Account is prepared on

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