Income and Expenditure A/c records receipts and payments of _________ .

Revenue nature only

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Capital nature only

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Both revenue and capital nature

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None of the above

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Solution

The correct option is A Revenue nature only
Double entry system of accounting is based on dual aspect concept. Dual concept defines as for every transaction, two account will be affected. Hence for every debit there will be credit and vice versa.

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Receipts and Payments A/c is a summary of -

From the following data about a government budget, find (a) revenue deficit, (b) fiscal deficit, and (c) primary deficit:

Items (Rs in lakh)

(i) Tax revenue 50

(ii) Revenue expenditure 110

(iii) Capital expenditure 210

(iv) Non-tax revenue 30

(v) Capital receipts net of borrowing 140

(vi) Interest payments 20

Receipts and Payments A/c is a summary of ___

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