Non-trading concern – Fill in the blanks

1. Receipt and payment account shows the amount of cash in hand or at bank or

2. In income and expenditue account expenses are recorded on and income on .

3. Any excess of income over expenditure is to the capital fund.

4. No distinction is made between and items in receipt and payment account.

5. Revenue items are recorded in .

6. Capital fund can be found out by taking the excess of over .

7. Any amount not credited to income is shown as a in the balance sheet.

8. A receipt and payment account is simply a summary of the .

9. Receipt and payment account starts with balance.

10. Receipt and payment account, ends with balance.

11. Sales return are also known as .

12. is a reduction in lis

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