Practicing Success
How would you treat Table Tennis match expenses of 40,000 (assuming that no other information is given): |
Shown in liability side of Balance Sheet Debited to Income and Expenditure amount Shown on asset side of Balance Sheet Credited to Income and Expenditure A/c |
Debited to Income and Expenditure amount |
The correct answer is Option (2) → Debited to Income and Expenditure amount Expenses related to a Table Tennis match, like any other sports or recreational expenses, are treated as a part of the Income and Expenditure Account. They are Debited to Income and Expenditure Account. |