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easyMCQCUET Accountancy 2022 15 July Shift 22026Accountancy
1 attempts0% success rate1 mark

How will you show Bank overdraft while preparing the Income and Expenditure Account and Balance sheet of a club?

  1. A
    Shown in expenditure side of Income and Expenditure A/c
  2. B
    Shown in Income side of Income and Expenditure A/c
  3. C
    Shown in Assets side of Balance Sheet
  4. D
    Shown in Liabilities side of Balance Sheet

Solution & Step-by-step Explanation

A Bank Overdraft is a short-term liability representing a bank balance deficit that needs to be repaid. Therefore, it is shown on the Liabilities side of the Balance Sheet. It does not appear in the Income and Expenditure Account.

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How will you show Bank overdraft while preparing the Income and Expenditure Account and Balance sheet of a club?
A
Shown in expenditure side of Income and Expenditure A/c
B
Shown in Income side of Income and Expenditure A/c
C
Shown in Assets side of Balance Sheet
D
Shown in Liabilities side of Balance Sheet

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