Commercial Applications
…………… depicts the Capital Fund of the organisation.
- Profit and Loss Account
- Trading Account
- Balance Sheet
- Nominal Account
Accounting
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Answer
Balance Sheet
Reason — The Balance Sheet of a non-trading organisation depicts the Capital Fund. It appears on the liabilities side and is calculated by adjusting the opening capital fund with surplus/deficit from the Income and Expenditure Account along with capital items like life membership fees, entrance fees, legacies and donations.
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Related Questions
…………… records all cash transactions whether they belong to the current year, previous year or future year.
- Profit & Loss Account
- Income & Expenditure Account
- Receipts & Payments Account
- Personal Account
With reference to Receipts & Payments Account which feature(s) is/are correct?
Statement 1: It is a real account.
Statement 2: It reveals the surplus or deficit for the year.
Statement 3: It is a summary of cash receipts.
Statement 4: It contains non-cash items.
- 1 and 3
- 2 and 4
- Only 3
- Only 4
What are fictitious assets? Give one example.
Give one difference between the Profit and Loss Account and the Balance Sheet.