Life membership fees received by a club is treated as
A) Revenue receipts
B) Capital receipts
C) Assets
D) Special receipts
Correct Answer:
Verified
Q18: Donation which is given as per will
Q19: Loss on sale of asset is taken
Q20: Honorarium is taken to
A)Receipts and payment account
B)Income
Q21: Honorarium is
A)Revenue income
B)Capital income
C)Revenue expenditure
D)Capital expenditure
Q22: Sales of grass in the case of
Q24: The system of keeping incomplete record is
Q25: The trial balance of the accounts of
Q26: Opening statement of affairs is prepared to
Q27: In capital comparison method gross profit=
A)excess of
Q28: Incomplete records are maintained usually by a
A)company
B)government
C)sole
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