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The amount of 'Entrance Fees' received by a Not-for-profit organization (if it is received regularly) is shown in which of the following? -

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Question

The amount of 'Entrance Fees' received by a Not-for-profit organization (if it is received regularly) is shown in which of the following?

Options

  • Liabilities side of Balance Sheet

  • Assets side of Balance Sheet

  • Debit side of Income and Expenditure Account.

  • Credit side of Income and Expenditure Account.

MCQ

Solution

Credit side of Income and Expenditure Account.

Explanation:

The amount of 'Entry Fees' received by a Non-Profit organization (if received on a regular basis) is a revenue receipt. It appears on the income side of the Income and Expenditure Account.

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