Out of these, which one is prepared by a trader at the end of the financial year?
Depreciation account
Profit & loss account
Receipts & payments account
Cash book
The surplus/deficit will be transferred to:
Capital fund
Revenue fund
Reserve
Trading account
The final balance of the receipts and payments account represents the balance of:
Debit
Liability
Credit
Cash in hand
Income and expenditure account is prepared instead of:
Balance sheet
A person usually responsible for collecting and paying money on the behalf of society is known as:
President
Secretary
Treasurer
Vice President
The surplus will get accumulated within the organisation to form a capital fund. It is known as:
Accumulated fund
Reserve fund
Drawings
Expenses
If gains are less than the expenses, then it is known as:
Surplus
Deficit
Excess
Loss
The difference between the balance sheet of a club and business concern.
No capital
No liability
No asset
No guarantee
The main source of income of a society is:
Rent
Service
Subscriptions
Trading
Receipts and payments account is a:
Real account
Personal account
Nominal account
Bank account