Non-trading concern – Q & A

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1. Define non-trading concern?.

2. Give any four characterstics of non-trading concerns?

3. Explain receipts and payments account.

4. Explain income and expenditure account?

5. Describe the main points for conversion of receipts and payment account to an income and expenditure account?

6. Define capital fund?

7. What is the treatment Of new asset?

8. What do you means by "LEGACY"?

9. What is the accounting treatment of deficit?

10. What do you mean by"Special. subscription"?

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