Match List - I with List - II.List - I ||| List - II(A) Receipts and Payment A/c ||| (I) Special fund(B) Capital receipt ||| (II) Life membership fees(C) Match fund ||| (III) Accrual basis(D) Income and Expenditure A/c ||| (IV) Cash basisChoose the correct answer from the options given below :
- A(A) - (III), (B) - (I), (C) - (II), (D) - (IV)
- B(A) - (II), (B) - (III), (C) - (IV), (D) - (I)
- C(A) - (IV), (B) - (II), (C) - (I), (D) - (III)
- D(A) - (I), (B) - (II), (C) - (III), (D) - (IV)
Solution & Step-by-step Explanation
(A) Receipts and Payment A/c is prepared on a Cash basis (IV).(B) Life membership fee is a non-recurring receipt and treated as a Capital receipt (II).(C) Match fund is designated for a specific purpose, hence it is a Special fund (I).(D) Income and Expenditure A/c is prepared on an Accrual basis (III).Correct Match: A-IV, B-II, C-I, D-III.