During the year 2018 diya arts club received Rs. 100000 as entrance fees. As per account policy of the club 30% of the entrance fees is to be capitalised. How will you deal with the entrance fees received by the club?
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Answer:
70000 shown in income and expenditure account
Explanation:
Diya club Recieved Rs.100000
30% Capitalised Rs.30000
Rs.70000 Shown income and expenditure account in Revenue side
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