29 November 2010
1.opening balace of bat and balls is Rs. 1500 2.purchase during the year of bat & balls is Rs. 710 3.depreciation on bat & balls is 50% 4. sale of old bat & balls is Rs. 50 QUERY is that sale of old bat & ball should be treated as income and credited to income and expenditure account or treated as capital receipt, if yes/no than WHY? if it is a capital receipt than whr we have to post it in the books of accounts of NPO.
CAclubindia
