Question

7. If Life Membership Fee of Rs. 5,000 wrongly treated as revenue receipt then effect of this
error on surplus and closing balance of Capital Fund will be:
(a) Capital Fund increased and Surplus
increased by Rs. 5,000.
(b) Capital Fund decreased and Surplus
increased by Rs. 5,000.
(c) No effect on Capital Fund but Surplus
increased by Rs. 5,000.
(d) Capital Fund decreased by Rs. 5,000
but no effect on Surplus.​

Answer 1

Answer:

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