Question :
Entrance fees of a club, if it is a non-recurring item, should be:
Option 1:
Credited to Income and Expenditure A/c
Option 2:
Debited to Income and Expenditure A/c
Option 3:
Added to capital fund
Option 4: None of these
Correct Answer:
Solution : Entrance fees of capital nature (non-recurring in nature) will added to the capital fund in the closing Balance Sheet only. Hence, the correct option is 3.
An account akin to Profit and Loss Account in
Sale of used sports material for Rs.500 by a cricket
Which of the following show the debit balance
General donations are treated as:
Receipts and Payments Account does not include
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