A sports club sold used sports material like balls, net, bats etc. It is usually shown in :
(
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Shift 07/06/2023 3:30 PM - 6:30 PM
A
Credit side of Receipt and Payment Account
B
Debit side of Income and Expenditure Account
C
It is not taken into consideration as it is scrap
D
Credit side of Income and Expenditure Account
Correct Answer
Credit side of Income and Expenditure Account
Detailed Explanation
The sale of used sports materials like balls, nets, and bats would be treated as a revenue-generating activity for the sports club. In the context of accounting for such transactions in a sports club's financial statements, it would typically be recorded in the income and expenditure account, which is specifically designed for non-profit organizations such as sports clubs.
Based on this, the correct answer is (4) Credit side of Income and Expenditure Account.
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