Question

Is net proceeds from refreshment room recorded in income and expenditure account?

Answer 1

Answer:

yes

Explanation:

Answer 2

Yes, the net amount from refreshment room is recorded in the income and expenditure account

Explanation:

• Income and expenditure account is the account which summarize or state all the items of the incomes as well as expenses which is related or linked to the ongoing accounting period of the business.

• This account is prepared or made with the goal of finding out or determine the deficit as well as surplus arises from the current income over the expense.

• Net proceeds from refreshment room is the amount which is received by the organization from the sale of the items related to refreshment.
• Therefore, it is an income for the business (NPOs) and will be posted on the income side of the account.

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