ISC (Arts) Class 11CISCE
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Preparation of Income and Expenditure Account and Closing Balance Sheet

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  • Entrance, admission fees, life membership fees, legacies and special donations are to be capitalised.
  • General donations and all receipts of a recurring nature such as membership fees are to be taken as revenue receipts.
  • Preparation of accounts of incidental activities such as restaurant accounts are not required
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