Question : Amount received from the sale of old sports equipments will be shown in:
Option 1: Debit of Income and Expenditure A/c
Option 2: Debit of Receipts and Payments A/c
Option 3: Liabilities side of Balance Sheet
Option 4: Asset side of Balance Sheet
Correct Answer: Debit of Receipts and Payments A/c
Solution : Receipts and Payments Account records the sale and purchase of items. Amount received from the sale of old sports equipments will be shown in the debit side of Receipts and Payments Account. Hence, the correct option is 2.
Question :
Which of the following will not appear on the asset
Question : Subscription received in advance by a club are shown in the:
The amount received from the sale of old sports
The amount received on the sale of furniture will be shown
Yoga Club collected life membership fees of
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