Question :
Which one of the following is the incorrect statement?
Option 1:
If there is sports fund, the expense incurred on sports is deducted from sports fund balance
Option 2:
Opening Balance Sheet is prepared to find the opening balance of capital fund
Option 3:
Donations for a specific purpose are always capitalised
Option 4:
Scholarships granted to students out of funds provided by government will be debited to Income and Expenditure A/c
Correct Answer:
Solution : The scholarship provided out of the fund is specific in nature and it will be come in the Balance Sheet. Hence, the correct option is 4.
Delhi Sports club has sports fund investment Rs.
An account akin to Profit and Loss Account in
A debit closing balance of Receipts and
Receipts and Payments Account does not include
Which of the following show the debit balance
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