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Question
Write the word/phrase/term, which can substitute the following sentence.
Donation received for a specific purpose.
One Word/Term Answer
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Solution
Specific donation/Capital receipt
Explanation:
Donations are sometimes given for a specific purpose. The donor specifies the purpose for utilising the amount he donated, e.g., Donations for Building Funds, Donations for Prize Funds, Donations for Sports Tournaments, etc. Such Donations should be shown on the Liabilities side of the Balance Sheet.
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Chapter 2: Accounts of ‘Not for Profit’ Concerns - Exercise 2.1 (Objective Type Questions) [Page 112]
