Question :
Any amount received as per the will of a deceased person specifying its use is a:
Option 1:
Capital receipt
Option 2:
Revenue receipt
Option 3: Both 1 and 2
Option 4: None of these
Correct Answer:
Solution : An amount received as per the WILL of a deceased person specifying its use is a capital receipt which is capital in nature. Hence, the correct option is 1.
General donations are treated as:
Receipts and Payments Account does not include
Which of the following is not a feature of a
An account akin to Profit and Loss Account in
A credit balance of Income and Expenditure for
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