Question : Subscription received for special events is
Option 1: recorded in the debit of Receipts and Payments Account and in the debit of Income and Expenditure Account in the year of receipt.
Option 2: recorded in the debit of Receipts and Payments Account and in the credit of Income and Expenditure Account in the year of receipt.
Option 3: recorded in the debit of Receipts and Payments Account and shown in the assets side of the Balance Sheet till the time event is held.
Option 4: recorded in the debit of Receipts and Payments Account and shown in the liabilities side of the Balance Sheet till the time event is held.
Correct Answer: recorded in the debit of Receipts and Payments Account and shown in the liabilities side of the Balance Sheet till the time event is held.
Solution : Subscription received for Special events is recorded in the debit of Receipts and Payments Account and shown in the liabilities side of the Balance Sheet till the time event is held. Hence, the correct option is 4.
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