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प्रश्न
All donations received by non-trading concerns are entered in the liabilities side of the balance sheet. Justify either for or against.
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उत्तर
Against:
- All donations received by non-trading concerns are not entered on the liabilities side of the balance sheet.
- Only specific types of donations, such as those received for a specific purpose or with certain conditions attached (restricted donations), are recorded as liabilities until the conditions are fulfilled.
- General donations, which are meant to support the organization's overall activities, are recorded as income in the Income and Expenditure Account and, if unspent, may appear on the assets side as part of the accumulated funds or reserves.
संबंधित प्रश्न
State any three points of difference between ‘Receipts and Payment Account’ and ‘Income and Expenditure Account’.
______ depicts the Capital fund of the organization.
The closing balance of this account shows surplus/deficit ______.
______ account is prepared to ascertain surplus or deficit at the end of an accounting year.
How will Income and Expenditure account benefit a non-trading sports organisation?
The closing balance of this Account shows surplus or deficit for the year.
Explain the term surplus in Income and Expenditure Account.
Why and by whom is an Income and Expenditure Account prepared?
What is Income and Expenditure Account?
Give five differences between Profit and Loss Account and Income and Expenditure Account.
