The item that is not recorded in the Income and Expenditure account is:
This question was previously asked in
Shift 16/06/2023 3:30 PM - 6:30 PM
A
Subscription received for current year
B
Subscription for the previous year received in current year
C
Subscription for the current year received in previous year
D
Subscription outstanding for current year not yet received
Correct Answer
Subscription for the previous year received in current year
Detailed Explanation
Outstanding subscription of last year is not included in current year's Income and Expenditure A/c because :
Income and Expenditure A/c is prepared on accrual basis
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More CUET Questions
1
On retirement of a partner, the retiring partner's capital account will be credited with:
2
Computerised Accounting System refers to:
3
The Journal entry for payment of unrecorded liability at the time of admission of partner is:
1. Unrecorded liability a/c Dr XXX
To Revaluation a/c XXX
2. Unrecorded liability a/c Dr XXX
To Cash XXX
3. Revaluation a/c Dr XXX
To Cash XXX
4. Liability a/c Dr XXX
To Revaluation a/c XXX
4
The dissolution of partnership firm takes place in following order.
A. Outsiders' liablilities are paid out.
B. Partner's capital account is settled.
C. All assets and outside liabilities are transferred to realisation account
D. Partner's loan is repaid in proportion
E. Assets are sold and realised
Choose the correct answer from the options given below:
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