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Accountancy · 2022 · 2 marks
CBSE 2022 · Region 4 · Set 2 · Q1
Distinguish between 'Income and Expenditure Account' and 'Receipts and Payments Account' on the basis of the following: (a) Nature of Items (b)…
Distinguish between 'Income and Expenditure Account' and 'Receipts and Payments Account' on the basis of the following : (a) Nature of Items (b) Closing Balance
Marking-scheme solution
Basis Receipts and Payments Income and
Accounts Expenditure Accounts
Nature of Items Records receipts and payments Records Income and
of both Capital and Revenue expenditure of only
Nature. Revenue nature.
Closing balance Closing balance is Cash in Closing balance is
hand/ Cash at bank/ Bank Surplus i.e. excess of
overdraft at the end of the year. Income over
expenditure or Vice
Versa.
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CBSE Class 12 Accountancy past-paper question from the 2022 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.