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प्रश्न
Receipts and payments account serves as the basis for preparing the balance sheet of non-trading organisation.
उत्तर
Against:
- A non-trading organization's Balance Sheet does not start with the Receipts and Payments Account.
- The closing balance sheet is prepared using the Income and Expenditure Account as well as the opening balance sheet.
- The Receipts and Payments Account is a summary of all cash transactions that are equal between capital and revenue items or match income and expenses to the appropriate period.
- As a result, it does not provide the necessary asset, liability, and capital information to create a complete Balance Sheet.
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संबंधित प्रश्न
Write any two uses of the Balance Sheet?
A ______ is a statement of assets and liabilities at the end of the period. It shows the financial position of a business on a certain date and represents the third and final stage.
It is a financial statement which sets out the assets and liabilities of a trading or non-trading organisation as on a certain date.
The excess of assets over liabilities represents the ______ of the owner.
Distinguish between a Profit and Loss Account and a Balance Sheet.
The main use(s) of a Balance Sheet for a non-trading organisation is/are ______.
Which of the following is not a feature of Balance Sheet?
All membership fees collected by a non-trading concern must be entered in the assets side of the balance sheet. Justify for or against.
"A trading account reveals the financial position of an organisation." Comment.
Balance sheet is an Account. Justify.
