Receipts and payments account is a

(a)

Nominal A/c

(b)

Real A/c

(c)

Personal A/c

(d)

Representative personal account

Receipts and payments account records receipts and payments of

(a)

Revenue nature only

(b)

Capital nature only

(c)

Both revenue and capital nature

(d)

None of the above

Balance of receipts and payments account indicates the

(a)

Loss incurred during the period

(b)

Excess of income over expenditure of the period

(c)

Total cash payments during the period

(d)

Cash and bank balance as on the date

Income and expenditure account is a

(a)

Nominal A/c

(b)

Real A/c

(c)

Personal A/c

(d)

Representative personal account

Income and Expenditure Account is prepared to find out

(a)

Profit or loss

(b)

Cash and bank balance

(c)

Surplus or deficit

(d)

Financial position

Which of the following should not be recorded in the income and expenditure account?

(a)

Sale of old news papers

(b)

Loss on sale of asset

(c)

Honorarium paid to the secretary

(d)

Sale proceeds of furniture

Subscription due but not received for the current year is

(a)

An asset

(b)

A liability

(c)

An expense

(d)

An item to be ignored

Legacy is a

(a)

Revenue expenditure

(b)

Capital expenditure

(c)

Revenue receipt

(d)

Capital receipt

Donations received for a specific purpose is

(a)

Revenue receipt

(b)

Capital receipt

(c)

Revenue expenditure

(d)

Capital expenditure

There are 500 members in a club each paying Rs. 100 as annual subscription. Subscription due but not received for the current year is Rs. 200; Subscription received in advance is Rs. 300.Find out the amount of subscription to be shown in the income and expenditure account

(a)

Rs. 50,000

(b)

Rs. 50,200

(c)

Rs. 49,900

(d)

Rs. 49,800