Non-Trading Concern – Fill In the Blanks
Written by True Tamplin, BSc, CEPF®
Updated on August 13, 2021
Receipt and payment account shows the amount of cash in hand or at bank or
In income and expenditue account expenses are recorded on
and income on .
Any excess of income over expenditure is
to the capital fund.
No distinction is made between
items in receipt and payment account.
Revenue items are recorded in
Capital fund can be found out by taking the excess of
Any amount not credited to income is shown as a
in the balance sheet.
A receipt and payment account is simply a summary of the
Receipt and payment account starts with
Receipt and payment account, ends with
Sales return are also known as
12. is a reduction in lis