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Question
Name an item which is never shown on the ‘Payments’ side of ‘Receipts and Payments Account’, but is shown as an Expenses while preparing ‘Income and Expenditure Account’
Solution
Depreciation on fixed assets is shown as an expense on the expenditure side while preparing 'Income and Expenditure Account' and never shown in the Receipts and Payments Account.
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| Balance Sheet of Sameer, Yasmin and Saloni As on 31.3.2016 |
|||
| Liabilities | Rs | Assets | Rs |
|
Creditors General Reserve Capitals: Sameer 3,00,000 Yasmin 2,50,000 Saloni 1,50,000
|
1,10,000 60,000
7,00,000
|
Cash Debtors 90,000 Less: Provision 10,000 Stock Machinery Building Patents Profit and Loss Account |
80,000
80,000 1,00,000 3,00,000 2,00,000 60,000 50,000 |
| 8,70,000 | 8,70,000 | ||
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Particulars |
31.3.2009 Rs |
31.3.2010 Rs |
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|
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|
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