Question :
Which of the following will appear on the debit side of Receipts and Payments Account?
Option 1:
Purchase of furniture
Option 2:
Honorarium paid
Option 3:
Life membership fee received
Option 4: All of these
Correct Answer:
Solution : Any income received in cash will come in the debit side of Receipts and Payments Account. For example, life membership fee, etc. Hence, the correct option is 3.
Receipts and Payments Account does not include
General donations are treated as:
Which of the following is not a feature of a
An account akin to Profit and Loss Account in
Which of the following will appear on the debit
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