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Business Studies

Fixed Assets and Current Assets

The closing d...

Question

The closing debit balance in the receipts and payments account indicates the ________ balance at the end of the year.

A

opening

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B

closing

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C

trading

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D

cash

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Solution

The correct option is D cash
Receipts and payments account is like a cash book which records all the receipts and payments irrespective of the period. Excess of debit over credit is a closing debit balance and it indicates the cash balance.

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