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Stock Adjustments

Which of the ...

Question

Which of the following items should not be entered in receipts and payments account of a club?

A

Sale of old newspaper

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B

Loss on sale of old furniture

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C

Subscriptions received in advance

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D

Expenses for previous year

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Solution

The correct option is A Loss on sale of old furniture
"A receipt and payment account is a summarized cash book (cash and bank) for a given period".
It prepared to list down all the receipts and payments. There is no outflow of cash due to loss on sale of old furniture, hence not to be recorded in receipts and payments account.

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Similar questions

Q. Which of the following items should be entered in the receipts and payments account of a club?
I. Sale of old newspapers
II. Loss on sale of some asset
III. Payments for investment
Select the correct answer using the codes given.

Q. Which of the following items should be entered in the Receipts and Payment Account of a club ?
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Q. In a Club, subscription received for current year is Rs. 2,50,000.

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