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npo

Accountancy

sale of machine comes to which account b/s or I&E ? ifcomes in I&E which head its come ?

Fayis E

CA Inter

★ 5K+

08-Sep-21 16:08

230

Answers (1)

Best Answer

In case of sale of fixed assets by a non profit organisation the gain or loss if any will be recorded in the income and expenditure account, the cash proceeds will be recorded in receipts and payments account and the cost of the amount is deducted from the respective asset in the balance sheet.