Professional Documents
Culture Documents
GR 568
GR 568
55
Any expenditure relating to special fund is deducted from that special fund.
Loss on sale of fixed asset is debited to Income and Expenditure Account. Whereas gain (profit) on sale
of fixed asset is credited to Income and Expenditure Account.
)Income and Expenditure Account shows all incomes and expenses for
an accounting year.
Subscriptions received in advance by a club are shown in the side of the Balance Sheet.
) Life Membership Fees received by a club is shown in the
i) Excess of expenditure over income is- Capital Fund in the Balance Sheet.
i) Income and Expenditure Account is prepared by . entities
Match Fund of R1,000 exists in the books. Match expenses for the year amount to R1.200.
will be debited to the Income and Expenditure Account.
)If expenditure is 16,000 and surplus credited to Capital Fund 4,500,income is
Match the following:
1. Receipts and Payments Account (a) Add to Capital Fund
2. Income and Expenditure Account (b) Revenue Income
3. Life Membership Fee (c) Non-profit Organisation
4. Subscription (d) Opening Balance Sheet
5. Sports Club (e) Real Account
6. Opening Capital (f) Revenue Expenses and Income