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P. 2
Not-for-profit Organisations prepare :
(a) Trading Account
(b) Trading & Profit and Loss Account
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(c) Income and Expenditure Account
(d) All of the above
Ans. (c)
The Receipts and Payments Account is a summary of :
(a) Debit and Credit balance of Ledger Accounts
(b) Cash Receipts and Payments
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(c) Expenses and Incomes
(d) Assets and Liabilities
Ans. (b)
