Question : Subscription received in advance by a club are shown in the:
Option 1: Credit side of Income and Expenditure Account
Option 2: Credit side of Receipts and Payments Account
Option 3: Liability side of the Balance Sheet
Option 4: Asset side of the Balance Sheet
Correct Answer: Liability side of the Balance Sheet
Solution : Subscriptions received in advance by a club are shown in the liability side of the Balance Sheet because it is the income received in advance. Therefore, it is a liability. Hence, the correct option is 3
Question :
Which of the following will not appear on the asset
The amount received from the sale of old sports
The amount received on the sale of furniture will be shown
Not-for-profit organisation prepare Receipts
Question : The Partner's Current Account has:
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