Question :
Shubham club received amount Rs.1,00,000 as per the WILL of a deceased person without any specification. This will be treated as:
Option 1: revenue receipt
Option 2: addition to capital fund
Option 3: a liability in the Balance Sheet
Option 4: None of these

Question

Question :

Shubham club received amount Rs.1,00,000 as per the WILL of a deceased person without any specification. This will be treated as:

Option 1: revenue receipt

Option 2: addition to capital fund

Option 3: a liability in the Balance Sheet

Option 4: None of these

Team Careers360 · Accepted Answer

Correct Answer: revenue receipt

Solution : An amount Rs.1,00,000 received as per the WILL of a deceased person without any specification is known as revenue receipt. Hence, the correct option is 1.

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Question : Shubham club received amount Rs.1,00,000 as per the WILL of a deceased person without any specification. This will be treated as:Option 1: revenue receiptOption 2: addition to capital fundOption 3: a liability in the Balance SheetOption 4: None of these

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Question :
Shubham club received amount Rs.1,00,000 as per the WILL of a deceased person without any specification. This will be treated as:
Option 1: revenue receipt
Option 2: addition to capital fund
Option 3: a liability in the Balance Sheet
Option 4: None of these

Question :
General donations are treated as:
Option 1:
Revenue receipt
Option 2:
Capital receipt
Option 3: Revenue expenditure
Option 4: Capital expenditure

Question :
Any amount received as per the will of a deceased person specifying its use is a:
Option 1:
Capital receipt
Option 2:
Revenue receipt
Option 3: Both 1 and 2
Option 4: None of these

Question :
Receipts and Payments Account does not include which of the following?
Option 1:
Non-cash items such as depreciation
Option 2:
Outstanding expenses
Option 3:
Accrued income
Option 4: All of these

Question :
Which of the following is not a feature of a not-for profit organisation?
Option 1:
Service motive
Option 2:
Separate entity
Option 3:
Unlimited liability
Option 4:
Managed by elected members

Question :
An account akin to Profit and Loss Account in profit organisation is:
Option 1:
Receipts and Payments Account
Option 2:
Trading Account
Option 3:
Income and Expenditure Account
Option 4: General Fund Account