Receipts and Payments Account usually indicates -
(A) Surplus/deficit
(B) Cash balance
(C) Capital fund
(D) Net profit/loss
1 Answers
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i. Debit balance of Trading Account means ________ (a) Gross Loss (b) Net Loss (c) Net Profit (d) Gross Profit
i. (a) Gross Loss ii. (a) Trading iii. (a) Net Profit iv. (b) less v. (b) Six
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The credit balance of the Profit & Loss account shows a net profit.
This statement is True. The credit side of profit and loss A/c represents incomes when the credit side is greater than the debit side (expenses) it shows the Net Profit of...
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i. Reserve for bad debts is created by debiting Profit and Loss Account. ii. A balance Sheet is a statement as well as an account.
i. Agree ii. Disagree iii. Disagree iv. Disagree v. Disagree
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The balancing figure of the Trading Account is Net Profit or Net Loss.
The balancing figure of the Trading Account is Gross Profit or Gross Loss.
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When the credit side of the Profit and Loss Account is greater than the debit side, it is called Net Loss.
When the credit side of the Profit and Loss account is greater than the debit side, it is called Net Profit.
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Capital A/c……………..Dr. To Profit and Loss Account (Being Net Profit transferred to Capital A/c)
Profit and Loss Account…………….Dr. To Capital A/c (Being Net Profit transferred to Capital A/c)
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From the following data about a government budget, find out (a) Revenue deficit, (b) Fiscal deficit and (c) Primary deficit: `{:(,"(Rs arab)"),((i) "C
Revenue deficit = (ii) - (iv) `= 100 - 80` `= 20` (Rs arab) Fiscal deficit `= (v + ii -iv -i)` `= 110 + 100 - 80 - 95`...
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Receipts and payments Account is a - (A) Personal Account (B) Real Account (C) Nominal Account
Correct option is: (B) Real Account
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Receipt and payment Account is a summary of - (A) All capital receipts and payments (B) All revenue receipts and payments
Correct option is: (C) All revenue and capital receipts and payments
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State whether the following statements are True or False (i) Receipts and Payments Account shows the receipts and payments of revenue nature only. (ii
Correct Answer - (i) False; (ii) False; (iii) True; (iv) False; (v) True (vi) True (vii) False (viii) True (ix) False (x) True (xi) True (xii) True
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