CLASS - XII
ACCOUNTANCY (CBSE)
CHAPTER 1 : Accounting for Not For Profit Organisations.
QUESTION :
''Charity Given'' - Is it a Receipt or Payment
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Use your own brain to answer the question !!
Answers
Answered by
4
Answer:
Payment
Explanation:
It is a payment because we are giving money as charity; not receiving it.
It will be recorded in the credit side of receipt and payments account of the NPO.
The receipt and payments account is just like cash book. So, all payments are recorded on the credit side and all recepits are recorded on the debit side.
It's a real account, according to the traditional approach, or an asset account according to the modern approach and we know that increase in assets is recorded on the debot side and decrease on the credit side.
Answered by
1
Answer:
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