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Accounts of ‘Not for Profit’ Concerns — Book Keeping & Accountancy STD 12 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsBook Keeping & AccountancyAccounts of ‘Not for Profit’ Concerns2 Marks
Question
Receipts and Payments Accounts do not have any opening balance.
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Answer

This statement is False.
Receipts and Payments Account is just like a cash book of trading concern and opening balance (Cash or Bank or Cash and Bank) must be there to start recording of transactions.

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