HomeTestsSearchRankProfile
easyMCQCUET Accountancy 2022 20 July Shift 12026Accountancy
1 mark

The closing balance of Receipts and Payments Account depicts _________.

  1. A
    Loss
  2. B
    Profit
  3. C
    Balance of Cash and Bank
  4. D
    Capital fund

Solution & Step-by-step Explanation

A Receipts and Payments Account is a real account and is a summary of all cash and bank transactions. Its closing balance represents the cash in hand and cash at bank at the end of the accounting period.

Practice this question

Try it yourself before checking the explanation above.

The closing balance of Receipts and Payments Account depicts _________.
A
Loss
B
Profit
C
Balance of Cash and Bank
D
Capital fund

Share This Question

Financial StatementsNature/Structure

Related Questions

easyMCQ

Which one of the following statements is true?

easyMCQ

Which of the following statements is not correct?

easyMCQ

Which one of the following statements is correct?

easyMCQ

The product formed by the reaction of an aldehyde with a primary amine is:

easyMCQ

Which part of the tobacco plant is infected by Meloidogyne incognita?

easyMCQ

The term ecosystem was coined by:

Ready for a Full Test?

Practice with timed mock tests and track your performance across Accountancy.

Browse TestsLeaderboard

Discussion