State whether the following statements are True or False (i) Receipts and Payments Account shows the receipts and payments of revenue nature only. (ii

Monjur Alahi

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


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Salim Ahmed Kawsar

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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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