Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 22 - No. 46)
What is the treatment of a club's building in the financial statements?
Record in the income and expenditure account.
Record at net book value on the balance sheet.
Record in the receipts and payments account.
Record at the original cost on the income and expenditure account.
Explanation
Assets (like buildings) are recorded at their net book value on the balance sheet.
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