Donation received for special purpose should be:
ACredited to a Separate Account and shown in the balance Sheet
BTreated as revenue
CTreated as revenue unless the amount is large
DNot recorded at all
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Related Questions:
At the end of the accounting year nominal accounts are:
Second hand furniture worth Rs. 6000 was purchased. It was repaired for Rs. 600 and installed by workmen to whom Rs. 200 was paid as wages. The furniture should be capitalised for :
When closing capital is greater than opening capital, it denotes :
If the amount of any known liability can be determined with substantial accuracy: