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Q.1 What do you mean by Government Deficit? Explain. Q.2 Discuss the implications of Government Deficit. Q.3 From the following Receipts and Payment Accounts of

Q.1 What do you mean by Government Deficit? Explain.

Q.2 Discuss the implications of Government Deficit.

Q.3 From the following Receipts and Payment Accounts of XYZ.

a)You are required to prepare Income and Expenditure Account for the year ended 31st Dec.2018.

Dr. Cr.

Receipts

Amount(OMR)

Payments

Amount(OMR)

Balance b/d

Entrance fee

Subscriptions:

200:3,000

200:13,000

200:1,000---------------------

Sale of furniture

Sale of news papers

Rent of Hall

Proceeds from entertainment

Special subscription for

Governors Party

16,000

5,200

17,000

1,500

500

2,250

6,250

2,500

51,200

Salaries

Addition to library

Payment to creditors

Repairs

Electric fittings

Printing &stationery

Miscellaneous expenses

By Balance c/d

6,500

14,500

1,400

600

9,500

2,000

400

16,300

51,200

b) How are Specific donations treated while preparing final accounts of a Not-For-Profit Organization?

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