why is Locker rent credited in income and expenditure a/c???
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Answered by
29
Not for profit organisation like sport club ,old age home etc.provide locker facility to their members to safe keep there valuable stuff and cloths.for providing such a facility they charge a sum of money is known as Locker rent.
Therefore it is revenue income for not profit organisation and it appears to Credit side of Income and Expenditure Account.
hope understand you......
Therefore it is revenue income for not profit organisation and it appears to Credit side of Income and Expenditure Account.
hope understand you......
Answered by
8
Lockers Rent is a REVENUE INCOME for Not Profit Organisation.
Hence, it should be credited in the Income and Expenditure A/C.
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