Which of these statements is false?
1
At the end of the period, the income and expenditure account balances are transferred to receipts and payments accounts.
2
The receipt and payment of capital as well as the nature of revenue are recorded in the receipts and payments accounts.
3
The balance in the Receipts and Payments account at the end of the period shows the difference between the cash received and the amount paid.
4
In the case of not-for-profit organizations, the income and expense account is the same as the profit and loss account and is drawn in the same manner.
5
Question Not Attempted