Scholarships granted to students out of funds provided by the government will be credited to the Income and Expenditure Account.

This statement is incorrect. Scholarships granted to students, even if funded by the government, are considered an expense for the organization (e.g., an educational institution), and they are debited to the Income and Expenditure Account.

Receipt and Payment Account does not differentiate between Capital and Revenue receipts.

This statement is correct. The Receipt and Payment Account is a summary of actual cash receipts and payments during a specific period and does not distinguish between capital and revenue items. It only provides information about the cash flows.

Opening Balance sheet is prepared when the opening Balance of Capital fund is not given.

This statement is incorrect. The opening balance sheet is prepared at the beginning of an accounting period to show the financial position of an organization at that point. It includes assets, liabilities, and capital, whether or not the opening balance of the capital fund is given.

The balancing figure on the credit side of the Income and Expenditure Account denotes excess of expenses over incomes.

This statement is correct. In the Income and Expenditure Account, if the total expenses (credit side) exceed the total incomes (debit side), the balancing figure on the credit side represents the excess of expenses over incomes, which is a deficit.