12)

When cash is received for life membership, which one of the following double entries is passed?

A)Cash Debit and capital Credit

B)Life membership Debit and cash Credit

C)Investment Debit and cash Credit

D)Cash Debit and life membership fund Credit

13)

XYZ club has a bar that maintains a separate trading account for its trading activities. Which of the following is the treatment of profit or loss on bar trading activities?

A)Profit or loss is directly shown in the balance sheet

B)Profit or loss is to be presented in income and expenditure account

C)Profit and loss is credit in income statement

D)Profit or loss is added to accumulated fund