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
Answer (1)
22nd Jan, 2024
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
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