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Paying off the Debts (Dissolution)

The total of ...

Question

The total of all payments irrespective of their nature (whether capital or revenue) and whether they pertain to past, current and future periods are to be shown on its credit side is step ____ in preparation of Receipt and Payment Account.

A

1

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B

2

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C

3

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D

4

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Solution

The correct option is B 3
The third step in preparation of Receipt and Payment account is showing the total amounts of all payments on credit side whether of capital or revenue nature and whether pertaining to past, current and future periods.

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Similar questions

Q. Receipt and Payment account includes all receipts and payments whether they are of __________ nature or of _________ nature.

Q. (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.

Q. Which of the following statement is correct and which is incorrect ?
(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 accompanied by balance sheet.
(IV) Going concern assumption is not relevant for accounting of non-profit organization.
Select the correct answer from the options given below.

Receipts and Payments A/c is a summary of -

All of cash nature are shown on the right-hand side, i.e. credit side of receipts & payments account.

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Paying off the Debts (Dissolution)

Standard XII Accountancy

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