The difference between the balance sheet of a club and business concern.
No capital
No liability
No asset
No guarantee
The surplus/deficit will be transferred to:
Capital fund
Revenue fund
Reserve
Trading
Receipts and payments account is prepared at the:
End of the accounting period
Starting of the accounting period
Mid of the accounting period
Any time
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
Trading account
Profit & loss account
Receipts & payments account
If gains are less than the expenses, then it is known as:
Surplus
Deficit
Excess
Loss
Out of these, which one is prepared by a trader at the end of the financial year?
Depreciation account
Cash book
Which of these item is NOT included in the receipt and payments account?
Capital item
Revenue
Subscription
Non-monetary
The main source of income of a society is:
Rent
Service
Subscriptions
A club runs a coffee shop. The depreciation of shop items will included in the:
Income and expenditure account