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
Correct Answer:
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.
General donations are treated as:
Entrance fees of a club, if it is a non-recurring
Which of the following show the debit balance
An account akin to Profit and Loss Account in
Receipts and Payments Account does not include
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