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Locker's rent amount received by a school is treated as: -

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Question

Locker's rent amount received by a school is treated as:

Options

  • Income Earned

  • Revenue Receipt

  • Capital Receipt

  • Liability

MCQ

Solution

Revenue Receipt

Explanation:

The amount of locker rent received by a school is recognised as revenue and is recorded on the credit side of the Income and Expenditure Account.

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Preparation of Income and Expenditure Account
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