Capital receipt is collected

Accounts - Principles of Accounts

WAEC 2012

A. on sales of motor vehicle
B. on sales of stock in trade
C. from trade debtors
D. from trading activities

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Correct Answer: Option A

Explanation

Capital receipts are receipts that create liabilities or reduce financial assets. Option A is correct, because when a business sells its motor van, it leads to a reduction in assets

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Capital receipt is collected

Correct Answer: Option A

Explanation

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