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Question
A receipt in substitution of an income is a _______________.
A receipt in substitution of an income is a _______________.
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Solution
The correct option is B Revenue receipts
An amount received by the way of substitution or addition of an income is a revenue receipt. For example, a reward received by an employee from his employer in appreciation of his services. This is a revenue receipt because it is received by receiver for his or her performance in services in day to day activities of a business and with this receipt, regular receipts are not getting affected in anyway.
An amount received by the way of substitution or addition of an income is a revenue receipt. For example, a reward received by an employee from his employer in appreciation of his services. This is a revenue receipt because it is received by receiver for his or her performance in services in day to day activities of a business and with this receipt, regular receipts are not getting affected in anyway.
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