Donation received for a special purpose:
A. Should be credited to Income and Expenditure A/c
B. Should be credited to a separate account and shown in the Balance Sheet
C. Should be shown on the Assets side of the Balance Sheet
D. None of these ,
Answer:B
Donation received for a special purpose:
A. Should be credited to Income and Expenditure A/c B. Should be credited to a separate account and shown in the Balance Sheet C. Should be shown on the Assets side of the Balance Sheet D. None of these ,