Steps in the preparation of Income and Expenditure account are:
(A) Take revenue receipts to the credit side and revenue expenses to the debit side of Income and Expenditure A/c
(B) Persue Receipt and Payment Account thoroughly
(C) Exclude the capital receipts and capital payments
(D) Close the account to find surplus or deficit
Choose the correct answer from the options given below:
(
This question was previously asked in
Shift 01/06/2023 8:30 AM - 11:30 AM
A
(D), (C), (B), (A)
B
(B), (C), (A), (D)
C
(C), (B), (A), (D)
D
(A), (B), (C), (D)
Correct Answer
(B), (C), (A), (D)
Detailed Explanation
The correct sequence of steps in the preparation of Income and Expenditure Account is:
(B) Pursue Receipt and Payment Account thoroughly
(C) Exclude the capital receipts and capital payments
(A) Take revenue receipts to the credit side and revenue expenses to the debit side of Income and Expenditure A/c
(D) Close the account to find surplus or deficit
Therefore, the correct option is: (2) (B), (C), (A), (D)
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