Purchases of fixtures and fittings by a club is recorded in the

Accounts - Principles of Accounts

WAEC 2016

A. Receipts and payments account only
B. Income and expenditure only
C. Receipts and payments account and balance sheet
D. Income and expenditure account and balance sheet

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Correct Answer: Option C

Explanation

The Purchases of fixtures and fittings by a club is recorded in the receipt and payment account and balance sheet. Fixtures and fittings are assets recorded in the balance sheet and the balance sheet balances is used as the opening balance in the receipt and payment account.

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