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Question
______ depicts the Capital fund of the organization.
Options
Profit and Loss Account
Trading Account
Balance Sheet
Nominal Account
Solution
Balance Sheet depicts the Capital fund of the organization.
Explanation:
The organization's capital fund is shown on the balance sheet.
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RELATED QUESTIONS
Income and Expenditure Account is a ______ account.
State any three points of difference between ‘Receipts and Payment Account’ and ‘Income and Expenditure Account’.
The closing balance of this account shows surplus/deficit ______.
______ account is prepared to ascertain surplus or deficit at the end of an accounting year.
The closing balance of this Account shows surplus or deficit for the year.
If the total of ______ side is greater than the total of ______ side, it is called 'surplus' or 'excess of income over expenditure'.
Explain the term deficit in Income and Expenditure Account.
State any one point of difference between Receipt and Payment account and Income and Expenditure Account.
All donations received by non-trading concerns are entered in the liabilities side of the balance sheet. Justify either for or against.
What is Income and Expenditure Account?
