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CUET

Q7. The proper steps in the preparation of Income and Expenditure accounts are: A. Exclude Capital receipt and Capital payment B. Close the account to find out surplus or deficit for current year. C. Consider only revenue receipts and revenue payment D. Pursue the receipts and payment account E. Make adjustment for outstanding and prepaid expenses and income. Choose the correct answer from the options given below: (a) A, B, C, D, E (b) B, C, D, E, A (c) C, D, E, A, B (d) D, A, C, E, B