Which of the Following Is Regarded as Apt to Show the Purchase of a Fixed Asset for a Non-profit Organisation?

(a) Income & Expenditure account

(b) Balance Sheet

(c) Receipts and Payments account

(d) Profit & Loss Account

Answer:

  1. Receipts and Payments account

Purchase of fixed assets requires cash and therefore it is recorded in the receipts and payments account, as the receipts and payments account manages the records of all cash receipts and payments in a non-profit organisation.

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