Question

1)Sale of old sports material?
I want an answer for this question.
2)Life membership free?
I want an answer for this question.
3)Subscription?
I want an answer for this question.
4)Tution fees?
I want an answer for this question.
5)Price amount Rs.1,00,000 received from lottary?
I want an answer for this question.

Answer 1

Answer:

1. Income
2. IncomeLiability
3. IncomeLiabilityIncome
4. IncomeLiabilityIncomeEither Paid Expense or Received Income.
5. IncomeLiabilityIncomeEither Paid Expense or Received Income.Income (Gain)

Explanation:

1. If tution fees is paid then it is an expense and if it is received then it is income. More easily if it is on the Receipt side then it is Income or it is in Payments side then it is an expense.
2. 1,00,000 is a gain so it is an Income.