In case specific fund is maintained, the expenses exceeding the amount of the funds, should be recorded on:
A. Liabilities side of the Balance Sheet
B. Debit side of the Income and Expenditure Account
C. Credit side of the Income and Expenditure Account
D. Assets side of the Balance Sheet
Answer:B
In case specific fund is maintained, the expenses exceeding the amount of the funds, should be recorded on:
A. Liabilities side of the Balance Sheet B. Debit side of the Income and Expenditure Account C. Credit side of the Income and Expenditure Account D. Assets side of the Balance Sheet