Receipt and payment account has credit balance of rs. 275000 named programme expenses.
And adjustment says programme is an annual feature.
We are require to prepare income and expenditure account and closing balance sheet. So how it will be treated??
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Not for profit organisation
Replies (3)
only it will be debited to income and expenditure a/c
no entry in balancesheet
no entry in balancesheet
In receipt side there is also a amount of advertisement and sale of programme ticket 500000 and 25000 respectively
What effect of advertisement will be???
What effect of advertisement will be???
Income and expenditure A/c credited by 25000
closing balancesheet Asset side 475000
closing balancesheet Asset side 475000
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