Question
Accountancy Question on Receipts & Payment Account
Identify the steps in preparation of final accounts of not for profit organization (NPO)
A. Prepare Balance Sheet of NPO
B. Prepare Income and Expenditure Account from Receipts and payment Account
C. Prepare Receipts and payment Account
D. Adjust outstanding/prepaid expenditure/Income and determine surplus/ Deficit E. Prepare cash book
Choose the correct answer from the options given below:
A
E, C, B, D, A
B
D. E, A, B, D
C
A, B, C, D, E
D
E, C, A, B, D
Answer
E, C, B, D, A
Explanation
Solution
The correct option is (A): E, C, B, D, A