Multiple Choice
Subscription received in advance by a club are shown in
A) Credit side of Income and Expenditure A/c
B) Asset side of Balance Sheet
C) Liabilities side of Balance Sheet
D) Debit side of Income and Expenditure A/c
Correct Answer:
Verified
Correct Answer:
Verified
Q3: If opening capital is Rs.5,000. closing capital
Q4: If the opening capital is Rs.20,000 and
Q5: The excess of assets over liabilities in
Q6: Small amount of entrance fee is considered
Q7: Entrance fee, unless otherwise stated, is treated
Q9: Receipts and Payment A/c is a<br>A)Nominal A/c<br>B)Real
Q10: Subscription received in advance is<br>A)An income<br>B)An asset<br>C)Liability<br>D)None
Q11: The receipts and Payments account records receipts
Q12: The disadvantage of single entry system<br>A)Incomplete and
Q13: Receipts and Payments Account is a:<br>A)Personal Account<br>B)Real