Receipts and Payments Account records actual cash transactions only. Therefore, the actual amount received on sale, Rs. 7,000, is shown on the receipts side. Book value and loss on sale are irrelevant to this account.
Note: This NPO-related question has been classified under Financial Statements / Nature-Structure as NPO accounting is not a listed subtopic.
Amount received from the sale of furniture for Rs. 7000 (Book value Rs. 10,000). The amount to be shown in receipts and payments account will be :
CUET UG 2023 — Accountancy Financial Statements
2023mcqeasy
Amount received from the sale of furniture for Rs. 7000 (Book value Rs. 10,000). The amount to be shown in receipts and payments account will be :
Official previous-year question
Held on 28 May 2023 · Verified 13 Jul 2026.
Options
- A
Rs. 10,000 on the receipts side
- B
Rs. 7000 on the receipts side
- C
Rs. 3000 on the payment side
- D
Rs. 3000 on the receipts side
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