Q990
Which one of the following statements is True:
A.
Excess expenditure over income is shown on the debit side of Income and Expenditure Account
B.
Subscription received in advance is not shown in receipt and payment account
C.
Special subscription received by a club for Governor's Party will be shown in the Balance Sheet
D.
Subscription received in 1996 for the year 1997 will be shown on the liability side of the Balance Sheet
AnswerAnswer: Option D
Solution
Answer: Option D
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