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
Answer (1)
23rd Jan, 2024
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.
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