Question :
The amount received from the sale of old sports material by a sports club is shown on:
Option 1: Debit side of Income and Expenditure Account
Option 2: Credit side of Income and Expenditure Account
Option 3: Credit side of Receipts and Payments Account
Option 4: Assets side of Balance Sheet
Correct Answer: Credit side of Income and Expenditure Account
Solution :
The amount received from the sale of old sports material by a sports club is shown on the credit side of the Income and Expenditure Account because it is an income for the Not-For-Profit Organization. Hence, the correct option is 2.
An account akin to Profit and Loss Account in
Which of the following show the debit balance
Sale of used sports material for Rs.500 by a cricket
Yoga Club collected life membership fees of
Delhi Sports club has sports fund investment Rs.
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