Question :
Which of the following will not appear on the asset side of the Balance Sheet of a Social Club?
Option 1: Honorarium
Option 2: Sports fund Investment
Option 3: Balance of cash in hand and Bank
Option 4: Outstanding Subscription
Correct Answer: Honorarium
Solution : Honorarium paid will come on the credit side of the Receipts and Payments Account which is capital in nature. Hence, the correct option is 1.
Which of the following will appear on the asset
A credit balance of Income and Expenditure for
As all other business concerns be its sole
A debit closing balance of Receipts and
The Receipts and Payments Account of Social
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