15. In the absence of any specific information,
entrance fees may be treated as
(a) revenue receipt
(b) capital receipt
(c) non-cash receipt
(d) deferred receipt
Answers
Answer:
b is the answer
Explanation:
it was help you
Answer:
(a) revenue receipt
Explanation:
(a) revenue receipt Is the correct answer .
Revenue receipts are defined as those receipts that neither increase a government's liabilities nor decrease its assets. They are routine and ongoing in nature, and the government receives them as part of daily operations.
Basis Capital Accruals Meaning of Revenue Receipts Amount received in capital terms Revenue receipts are the funds acquired primarily from the sale of items introduced, loans obtained, and sale revenues of commodities and services.
According to CIT [1961] 41 ITR 495, the entry fees collected from the members are not capital gains but rather revenue receipts that must be taxed as the assessee-income club's .
#SPJ2