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Question :

The Receipts and Payments Account of Social Club starts with a credit balance of Rs.5,000. This implies the club has:

Option 1:

The net assets of Rs.5,000 as opening balance

Option 2:

The capital fund of Rs.5,000

Option 3:

The balance of cash in hand of Rs.5,000

Option 4: Bank overdraft of Rs.5.000


Team Careers360 10th Jan, 2024
Answer (1)
Team Careers360 11th Jan, 2024

Correct Answer: Bank overdraft of Rs.5.000


Solution : Credit balance of Receipts and Payments Account means bank overdraft. Hence, the correct option is 4.

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