the receipt and payment account of agrasan club for the year ending on 31 st march be 2018 is as follows prwpqid income and expenditure account
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Explanation :
★ Donation is treated as revenue so that's why it is transferred to their respective sides.
★ Drama fund is not given so income from drama is treated as income and drama expense is transferred to payment side.
★ Outstanding subscriptions for the current year are added and advance subscriptions for the current year are deducted.
°• Income and expenditure A/c is just like profit and loss A/c
•° It is a nominal A/c and records only the current year's transactions(accrual basis).
°• It also records non-cash items like depreciation, outstanding subscriptions, advance subscriptions, accrued interest, etc.
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