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    Question

    A not-for-profit organisation receives a donation of

    ₹1,00,000 for constructing a new building. How should this be treated in the financial statements?
    A Credited to a Separate Fund under Liabilities Correct Answer Incorrect Answer
    B Debited to the Capital Fund Correct Answer Incorrect Answer
    C Treated as a revenue receipt Correct Answer Incorrect Answer
    D Credited to the Income and Expenditure Account Correct Answer Incorrect Answer

    Solution

    The correct answer is A

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