Write One Word / Term / Phrase for the Following Statement. - Book Keeping and Accountancy

One Word Answer

Write one Word / Term / Phrase for the following statement.
All such receipts which are non-recurring in nature and not forming a part of regular flow of income of a concern.

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Solution

Capital Receipts

Explanation: Those receipts, the benefits of which accrue to an organisation in the current year, as well as in the years to come, are termed as capital receipts. They are non-recurring in nature. For example, life membership fees, endowment receipts, donations and legacies etc.

Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet

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Chapter 7: Accounts of 'Not For Profit' Concerns - Exercise [Page 227]

Q 9 Q 8 Q 10

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