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

Income and expenditure account is a

(a)

Nominal A/c

(b)

Real A/c

(c)

Personal A/c

(d)

Representative personal account

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

Legacy is a

(a)

Revenue expenditure

(b)

Capital expenditure

(c)

Revenue receipt

(d)

Capital receipt

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