Purchases of fixtures and fittings by a club is recorded in the

  • A Receipts and payments account only
  • B Income and expenditure only
  • C Receipts and payments account and balance sheet
  • D Income and expenditure account and balance sheet
waec 2016accounting

The correct answer is C. Receipts and payments account and balance sheet

The Purchases of fixtures and fittings by a club is recorded in the receipt and payment account and balance sheet. Fixtures and fittings are assets recorded in the balance sheet and the balance sheet balances is used as the opening balance in the receipt and payment account.

Previous question Next question