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Question
In Receipts and Payments, Account ______ balance is carried forward to the same account for the next accounting period.
Options
opening
closing
debit
credit
MCQ
Fill in the Blanks
Solution
In Receipts and Payments, Account closing balance is carried forward to the same account for the next accounting period.
Explanation:
The closing balance of the Receipts and Payments account is carried forward to the Receipts and Payments Account of the following accounting period.
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Preparation of Income and Expenditure Account
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