(i) Receipts and Payments Account shows the receipts andpayments of revenue nature only.(ii) Receipt from the sale of an old asset is an income.(iii) Receipts and payments Accountin a summary of cash transactions. (iv)Surplus of Non -Trading Organisationdistributed among the member . (v) Income and Expenditure Account isequivalent to the profit and loss Account of a business enterprise. (vi) Proceeds from the sale ofold newspapers are taken as income. (vii) Receipts and Paymants Account shows total income and expenditure.(viii) Only revenue nature items are shown in the income andExpenditure Account. (ix) Scholarships granted to students provided by government is debited toIncome and Expenditure Account. (x) Payment of honorarium is a revenue expenditure.(xi) Any expenditure relating to special fund is deducted from that special fund. (xii) Loss on sale of fixed assert is debited to Income and Expenditure Account . Whereas gain (profit) on sale of fixed assert is credited to Income and Expenditure Account.

(i) Receipts and Payments Account shows the receipts andpayments of re

1.	(i) Receipts and Payments Account shows the receipts andpayments of revenue nature only.(ii) Receipt from the sale of an old asset is an income.(iii) Receipts and payments Accountin a summary of cash transactions. (iv)Surplus of Non -Trading Organisationdistributed among the member . (v) Income and Expenditure Account isequivalent to the profit and loss Account of a business enterprise. (vi) Proceeds from the sale ofold newspapers are taken as income. (vii) Receipts and Paymants Account shows total income and expenditure.(viii) Only revenue nature items are shown in the income andExpenditure Account. (ix) Scholarships granted to students provided by government is debited toIncome and Expenditure Account. (x) Payment of honorarium is a revenue expenditure.(xi) Any expenditure relating to special fund is deducted from that special fund. (xii) Loss on sale of fixed assert is debited to Income and Expenditure Account . Whereas gain (profit) on sale of fixed assert is credited to Income and Expenditure Account.
Answer» Solution :(i) FALSE ; (ii) False ;(iii) True ;(iv) False ; (V) True ; (vi) True ; (vii) False ; (viii)True ; (ix) False ; (X) True ;(xi)True ; (XII) True.

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