Question :
The amount received on the sale of furniture will be shown on:
Option 1: Credit side of Income and Expenditure
Option 2: Debit side of Income and Expenditure Account
Option 3: Debit side of Receipts and Payments Account
Option 4: Credit side of Receipts and Payments Account
Answer (1)
27th Jan, 2024
Correct Answer: Debit side of Receipts and Payments Account
Solution : Receipts and Payments Account records all the gains and incomes on the credit side of the not-for-profit organizations. Hence, the correct option is 3.
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