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
Answer (1)
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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