In the Receipt and Payment account both capital and revenue transactions are recorded, whereas in Income and Expenditure account ________ transactions are recorded.

Capital

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Deferred

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Revenue

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Cash

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Solution

The correct option is C Revenue
Receipt and Payment account is a summarized statement of all cash transactions during an accounting year. The account through which surplus or deficit of a non-profit-seeking concern is ascertained is called Income and Expenditure account.

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In the Receipt and Payment account both capital and revenue transactions are recorded, whereas in Income and Expenditure account ________ transactions are recorded.

The correct option is C RevenueReceipt and Payment account is a summarized statement of all cash transactions during an accounting year. The account through which surplus or deficit of a non-profit-seeking concern is ascertained is called Income and Expenditure account.

The correct option is C Revenue
Receipt and Payment account is a summarized statement of all cash transactions during an accounting year. The account through which surplus or deficit of a non-profit-seeking concern is ascertained is called Income and Expenditure account.