Commercial Applications
…………… is a summary of cash transactions.
- Income and Expenditure Account
- Balance Sheet
- Profit and Loss Account
- Receipts and Payment Account
Accounting
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Answer
Receipts and Payment Account
Reason — Receipts and Payments Account is a summary of cash transactions. It is prepared at the end of the accounting year from the Cash Receipts Journal and Cash Payments Journal. All cash receipts appear on the debit side and all cash payments appear on the credit side, irrespective of whether they relate to the current, previous or future year.
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Related Questions
…………… depicts the Capital fund of the organization.
- Profit and Loss Account
- Trading Account
- Balance Sheet
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Identify which of the following does not have an opening balance.
- Balance sheet
- Income and Expenditure
- Receipts and Payment account
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The closing balance of this account shows surplus / deficit:
- Profit & Loss Account
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- Balance Sheet
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…………… account is prepared to ascertain surplus or deficit at the end of an accounting year.
- Income and Expenditure
- Balance sheet
- Profit and Loss
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