Donation received for a special purpose:
A. Should be credited to Income and Expenditure Account
B. Should be credited to separate account and shown in the Balance Sheet
C. Should be shown on the assets side
D. Should not be recorded at all.
Answer:B
Donation received for a special purpose:
A. Should be credited to Income and Expenditure Account B. Should be credited to separate account and shown in the Balance Sheet C. Should be shown on the assets side D. Should not be recorded at all.