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
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.
The amount received from the sale of old sports
An account akin to Profit and Loss Account in
Which of the following will appear on the debit
Which of the following show the debit balance
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