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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.
Justify for or against:
All donations received by non-trading concerns are entered in the liabilities side of the balance sheet.
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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.
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संबंधित प्रश्न
Income and Expenditure Account is a ______ account.
______ depicts the capital fund of the organization.
How will Income and Expenditure account benefit a non-trading sports organisation?
This account is equivalent to the Profit and Loss Account of a business concern.
If the total of ______ side is greater than the total of ______ side, it is called ‘surplus’ or ‘excess of income over expenditure’.
Explain the term surplus in Income and Expenditure Account.
Explain the term deficit in Income and Expenditure Account.
State any one point of difference between Receipt and Payment account and Income and Expenditure Account.
What is Income and Expenditure Account?
Mention any two features of the Income and Expenditure Account.
