Which of the following conclusions is correct with respect to the final accounts of a non-profit organization?
1
The subscription amount collected for 'Bhagwati Jagran' is considered the income of the social club.
2
Receipts and payments of a revenue nature only are recorded in the Receipts and Payments Account.
3
The Receipts and Payments Account is a summary of all capital receipts and payments.
4
The total income and expenditure account is lined up in the Receipts and Payments Account.