Question :
Sale of used sports material for Rs.500 by a cricket club 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
Answer (1)
22nd Jan, 2024
Correct Answer:
Credited to Income and Expenditure A/c
Solution : Sale of used sports material for Rs.500 is an income, therefore it is to be credited to Income and Expenditure A/c. Hence, the correct option is 1.
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