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Question

(I) In Receipt & Payment A/c all receipts and payments are shown irrespective of the year to which they pertain.
(II) The difference at Dr. side of Receipt & Payment A/c account is known as surplus or deficit and deducted from capital fund.
(III) Income & Expenditure A/c is always accompained by balance sheet.

Select the correct answer.

A
(I) & (III)
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B
Only (II)
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C
(I) & (II)
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D
Only (III)
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Solution

The correct option is A (I) & (III)
The option I and III are the correct ones:-
Option I is correct because receipt & payment and account records entries related with every year, current as well as previous year.
Option III is also correct because when income & expenditure account is prepared, the next step is to prepare a suitable balance sheet.

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