Match the following-
| List 1 | List 2 |
| 1) Entrance fees | a) Asset side of balance sheet |
| 2) Subscription in arrears | b) Expenditure side of Income & expenditure account |
| 3) Outstanding salary | c) Liability side of Balance sheet |
| 4) Sale of old furniture ₹6000 with book value ₹8000 | d) Income side of Income & Expenditure account |
Answer & explanation
Correct answer: option 3
* Entrance fee is a revenue receipt and shown on the income side of income and expenditure account.
* Subscription in arrears is outstanding income and shown on asset side.
* Outstanding salary is a liability.
* Sale of old furniture ₹6000 with book value ₹8000- Loss on furniture is a loss and shown on the expense side of income and expenditure account.