Question

Explain accounting treatment of ‘Sale of old newspaper and magazine by NPO?​

Answer 1

3 Amount received from the sale of old newspapers and magazine are treated as revenue receipts because it is a regular feature of NPO. Hence sale of old newspaper etc. are shown on the credit side of income and expenditure account. ... 1,00,000) will be credited to 'Income and Expenditure Account' and Rs.

Answer 2

Answer:

3 Amount received from the sale of old newspapers and magazine are treated as revenue receipts because it is a regular feature of NPO. Hence sale of old newspaper etc. are shown on the credit side of income and expenditure account. ... 1,00,000) will be credited to 'Income and Expenditure Account'.