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Income and Expenditure Account

Do we show le...

Question

Do we show legacies in income and expenditure account?

A

Capital nature only

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B

Revenue nature only

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C

Both revenue and capital nature

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D

Income of only revenue nature and expenditure of revenue and capital nature

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Solution

The correct option is B
Revenue nature only

Legacies are not shown in income and expenditure account as it is not revenue in nature.

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