(c) Prepare the revised income and expenditure account for the year ended 31 December 2021.[12]

Which of the following account is carried forward to next year? Drawings Sales Interest income Machinery

The following information was available for the year ended December 31, 2022:Earnings before interest and taxes (operating income) $ 50,000Interest expense 10,000Income tax expense 12,000Net income 28,000Total assets at year-end 200,000Total liabilities at year-end 120,000The debt ratio at December 31, 2022 was:

What do you mean income and expenditure account ? Mention its main features

P/L appropriation account2. Calculation of interest on capital or interest on drawing3. Past adjustments4. Calculation of NPSR5. Treatment of goodwill, investment fluctuation reserve, workmen compensation reserve7. Final problems on admission with capital adjustment8. Final problems on retirement9. Loan account at the time of retirement10. Calculation of profit upto the date of death 11. Realisation entries 12. Realisation expenses different cases13. Major heads and sub heads(income statement and balance sheet)14. Comparative statement and common size statement)15. Major ratios (current, quick, debt-equity, inventory turnover, trtr/tptr,gpr,npr etc)16. Cash flow statement

Which of the following is referred to as the statement of income and expenditure prepared by the government at the beginning of every year?a. Public revenueb. Budgetc. Public expenditured. Government account