The revenue receipts are to be shown on ______side.

credit side of income & expenditure

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debit side of income & expenditure

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asset side of balance sheet

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liabilitie side of balance sheet

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Solution

The correct option is A credit side of income & expenditure
Receipts may be classified as revenue receipts and capital receipts.
Receipts which are received in the normal course of business are treated as revenue receipts.
Receipts which are received with a specific object is considered as capital receipts.
Revenue receipts are credited to income account and shown in the credit side of Income & Expenditure account.

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Similar questions

Q. Comparing items on _________ side of the Receipts and Payment Account with ________ side of the Income and Expenditure account is one of the step adopted in preparation of balance sheet.

Q. Accrued income will appear on the ____ side of the balance sheet.

Q. Select the most appropriate alternative from the given below:
Unearned income is shown on _______ side of Balance Sheet.

Q. (I) In Receipt & Payment A/c all receipts and payments are shown irrespective of the year to which they pertain.
(II) The difference at Dr. side of Receipt & Payment A/c account is known as surplus or deficit and deducted from capital fund.
(III) Income & Expenditure A/c is always accompained by balance sheet.

Select the correct answer.

Extracts of Receipts and Payments Account for the year ended March 31, 2016 are given below :

$\begin{matrix} Receipts & Rs & Payments & Rs Subscriptions: 2014 - 15 & 3, 000 2015 - 16 & 96, 000 2016 - 17 & 2, 500 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 01, 500 - -------- - \end{matrix}$

Subscriptions Outstanding as on March 31, 2015: 5,000

Total Subscriptions Outstanding as on March 31, 2016: 12,000

Subscriptions received in advance as on March 31, 2015: 2,800

Calculate the amount of subscriptions to be shown on the income side of Income and Expenditure A/c and show the relevant data in the balance sheet as at 31st March 2015 and 2016.

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