income and expenditure accounts, NPO
This query is : Resolved
29 November 2010
1.opening balace of bat and balls is Rs. 1500
2.purchase during the year of bat & balls is Rs. 710
3.depreciation on bat & balls is 50%
4. sale of old bat & balls is Rs. 50
QUERY is that sale of old bat & ball should be treated as income and credited to income and expenditure account or treated as capital receipt, if yes/no than WHY?
if it is a capital receipt than whr we have to post it in the books of accounts of NPO.
2.purchase during the year of bat & balls is Rs. 710
3.depreciation on bat & balls is 50%
4. sale of old bat & balls is Rs. 50
QUERY is that sale of old bat & ball should be treated as income and credited to income and expenditure account or treated as capital receipt, if yes/no than WHY?
if it is a capital receipt than whr we have to post it in the books of accounts of NPO.
Srinivas Rao
(Expert)
29 November 2010
IT IS A CAPITAL RECEIPT AS IT MAINTAINS STOCK OF IT AND CHARGES DEPRECIATION.
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