Purchases of fixtures and fittings by a club is recorded ...
Purchases of fixtures and fittings by a club is recorded in the
Receipts and payments account only
Income and expenditure only
Receipts and payments account and balance sheet
Income and expenditure account and balance sheet
Correct answer is C
The Purchases of fixtures and fittings by a club is recorded in the receipt and payment account and balance sheet. Fixtures and fittings are assets recorded in the balance sheet and the balance sheet balances is used as the opening balance in the receipt and payment account.
Rent owed by a department is treated in the Balance sheet as ...
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\(\begin{array}{c|c} & N \\ \hline Sales & 200,000 \\ \text{Opening Stock} & 20,000 \\ p...