State with reasons, whether the following statements are true or false: (a) Insurance claim received on account of plant and machinery completely…

State with reasons, whether the following statements are true or false: (a) Insurance claim received on account of plant and machinery completely damaged by fire is a capital receipt. (b) Purchase of office furniture & fixtures of 2,500 has been debited to General Expense Account. It is an error of omission. (c) Bank reconciliation statement are prepared to arrive at the bank balance. (d) The provision for bad debts is debited to sundry debtors account. (e) Periodic inventory system is a method of ascertaining inventory by taking an actual physical count. (f) Discount at the time of retirement of a bill is a gain for the drawee. (g) A withdrawal of cash from the business by the proprietor should be charged to profit and loss account as an expense. (h) The firm will receive surrender value of Joint Life Policy on the death of the partner. (i) Fees received for Life Membership are a revenue receipt as it is of recurring nature. (j) In the balance sheet of X Limited, preliminary expenses amounting to 5 lakhs and securities premium account of 35 lakhs are appearing; The accountant can use the balance in securities premium account to write off preliminary expenses.