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Question
Subscription received by a school for organising annual function is treated as ______.
Options
Capital Receipt (i.e., Liability)
Revenue Receipt (i.e., Income)
Asset
Earned Income
MCQ
Fill in the Blanks
Solution
Subscription received by a school for organising annual function is treated as Capital Receipt (i.e., Liability).
Explanation:
A school's subscription for organizing an annual function is treated as a capital receipt.
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Receipts and Payments Account
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